Galaxy Digital CEO Mike Novogratz believes most "bad actors" and "terrible risk management practices" in crypto have been swept away.

Mike Novogratz, the CEO of digital asset investment firm Galaxy Digital told investors he is shocked over the amount of regulatory attention for crypto rather than artificial intelligence (AI), a technology he believes will trigger a “deep fake” identity crisis.

The U.S. banking crisis has acted like an "adrenaline shot" for crypto and given the bitcoin community "unbelievable resilience," Galaxy Digital CEO Michael Novogratz said.

Galaxy Digital has swung to a profit after reporting a net loss of $1 billion in 2022. Galaxy Digital is a cryptocurrency-focused financial services firm founded by billionaire investor Mike Novogratz.

The Chinese government has been proactively pursuing advancements in its blockchain sector and aims to upgrade its industry development standards by 2025.

Crypto investment firm Galaxy Digital missed analyst expectations with its Q4 and full-year 2022 results. The Toronto-listed company reported a net loss of $1bn for 2022 compared with a $1.7bn profit in 2021, and a $288m loss for Q4 2022. The company attributed the loss to unrealised marks to market on its investment portfolio. Analysts had estimated an average net revenue of CAD674m ($492m) for the financial year and CAD43m ($31m) for the quarter, but the firm achieved revenue of $419.4m. Counterparty trading volumes increased by about 19% in Q4 over the prior period, but decreased 65% YoY.

Galaxy Digital Founder and CEO Mike Novogratz called Bitcoin “a report card on monetary policy and financial stability” and said that — according to his firm’s research — “on a risk-adjusted basis, BTC is the best-performing asset of the year, outpacing growth stocks, banks, and major stock benchmarks.”

Stripe secures $6.5 billion in Series I at a $50B valuation; Coinbase likely to launch global crypto trading platform; Euler Finance hacked for over $195M in a flash loan attack; crypto assets to become a separate category in the UK tax forms.

Galaxy Digital CEO Mike Novogratz foresees a future decline in the United States banking system operations; as such, he encourages crypto investors to purchase certain assets, including Bitcoin, that might stand the test of time. 

The United States is headed for a credit crunch and now is the right time to buy gold, silver and Bitcoin, says Galaxy Digital founder and CEO Michael Novogratz. “We are going to have a credit crunch in the U.S. and globally,” Novogratz explained in an interview on CNBC. "You want to be long gold and silver [...] and you want to be long Bitcoin,” he said. Speaking on CNBC’s Squawk Box on March 15, Novogratz noted that banks typically rebuild capital by lending less, meaning that a credit crunch is imminent, noting that indicators like the commodities market are already pointing to a recession. (Cointelegraph)