According to Galaxy Digital’s head, Mike Novogratz, the recent steady pricing of Bitcoin
Novogratz, during an interview on CNBC’s Squawk Box on September 11, revealed that financial teams within crypto-focused organizations have begun exploring other blockchain-based assets.
He suggested that this shift in focus has likely diverted some of the market’s dynamism away from Bitcoin in the near term.
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He highlighted recent initiatives from firms like Galaxy Digital, Jump Crypto, and Multicoin Capital, illustrating a trend of investment flowing towards newer digital assets.
Although Bitcoin’s price has remained relatively stable, Novogratz indicated that this situation may evolve later in the year. He posited that changes in US interest rate policies could stimulate renewed interest and demand for
Bitcoin.
Furthermore, he referenced SEC Chair Paul Atkins’ comments about updating existing regulations to support burgeoning on-chain markets.
Novogratz also noted that Nasdaq has applied for regulatory approval to offer tokenized versions of established financial products like stocks and exchange-traded funds (ETFs).
He explained that Bitcoin initially found its niche as a reliable digital store of wealth, while stablecoins became essential for efficient international payments. However, Novogratz emphasized that the absence of robust blockchain technologies, along with regulatory uncertainty, has slowed broader market penetration.
He also remarked that although numerous blockchain platforms will vie for dominance, a single winner is unlikely. He stated that Ethereum
On August 25th, Tim Draper from Draper Associates, voiced his opinion that altcoins are very important for Bitcoin to become stronger. You can read the full story here.