CRYPTO NEWS

Mike Novogratz: Bitcoin Isn’t Going Away, but Will Take a While to Recover

Mike Novogratz, a prominent Bitcoin bull and the CEO of digital asset investment firm Galaxy Digital, noted that cryptocurrencies are here to stay even though it will take a while for the market to turn bullish.

Novogratz: Bitcoin Isn’t Going Away

The billionaire told Bloomberg in an interview that assets, including crypto and stocks, that went up based on “cheap money forever” were under pressure due to the Federal Reserve withdrawing liquidity.

However, Novogratz believes the crypto market has suffered the most because of recurring negative events over the past month. These include a long list of market players with monster leverage, such as Celsius and Three Arrows, which has created fear, uncertainty, and doubt (FUD) among investors.

Although he is optimistic that Bitcoin and Ethereum will bottom at $20,000 and $1,000, he noted that it would take a while for the crypto market to regain a bullish narrative and confidence.

Mike Novogratz further stated that even though prices are down, over 130 million investors still see Bitcoin as a viable investment, and as such, the cryptocurrency is here to stay.

“What happened with lots of great technologies, including Bitcoin, crypto, and web3, is that prices got ahead of themselves… I don’t think crypto is going away…”

Bitcoin Will Lead Other Markets

The Galaxy Digital CEO noted that global financial markets would start recovering once the Fed reconsiders its decision and stops hiking interest rates. But when that happens, Bitcoin will explode north, taking other assets out of the bearish trend.

According to him, many investors are already waiting on the “sidelines” to invest in Bitcoin, but global macro hedge funds will be the first buyers to fuel the next uptrend.

“I 100% think there are people on the sidelines waiting to build, but I think the first buyers actually from the traditional sense are going to be big global macro hedge funds. The moment the Fed flinches, I think you’ll see lots of traditional macro funds, who’ve had a great year, buy Bitcoin. We’ll add to our position at that point,” he said.

Meanwhile, Novogratz still maintains that many TradFi and crypto hedge funds won’t make it through the current bear markets.

Brazil Creates Crypto-Dedicated Investigation Unit

The public prosecution of the Federal District, located in the center-west region of Brazil, has launched its own cryptocurrency investigation unit. The newly formed unit will focus its activities on aiding other prosecutors in cryptocurrency investigations, and also educating consumers about the safe use of cryptocurrencies. Cryptocurrency Crimes Unit Launched in Brazil Cryptocurrency::Listen

brazil

The public prosecution of the Federal District, located in the center-west region of Brazil, has launched its own cryptocurrency investigation unit. The newly formed unit will focus its activities on aiding other prosecutors in cryptocurrency investigations, and also educating consumers about the safe use of cryptocurrencies.

Cryptocurrency Crimes Unit Launched in Brazil

Cryptocurrency crimes have several traits that make them difficult to detect by traditional intelligence units. This is why some countries have already dedicated part of their budget to building resources to face these new tech crimes. Brazil, a country where numerous cryptocurrency-related scams have happened, has officially reported the launch of a cryptocurrency-dedicated investigation unit.

This new unit, denominated “Crypto,” is being created by the public prosecution office of the Federal District in the country, and will perform its duties by helping public prosecutors deal with cryptocurrency cases. In the same way, the unit will target the consumers of crypto products to warn and educate them about the safe use of cryptocurrency assets.

Frederico Meinberg, the coordinator of the unit and public prosecutor, talked about the training that the agents in the Crypto unit must follow. In an interview, Meinberg stated:

The best training for an agent dealing with digital assets is to interact with the market. Without practice, we can offer the best tools that, in the end, the agent will not know what to do with. That is why we always focus on the interaction of agents with the ecosystem, starting with exchanges and peer-to-peer sellers.

Meinberg did not disclose the number of agents that are part of the crypto unit due to security reasons.


Brazilian Crypto Regulation

The establishment of the first cryptocurrency-dedicated investigation unit comes on the heels of the approval of the cryptocurrency bill by the Senate of Congress in April. This proposed bill has, amongst other objectives, the goal of curbing crypto-related crimes in the country by defining a new kind of crypto-related fraud and assigning penalties of imprisonment from two to six years, depending on the crime.

Meinberg has said that, due to the nature of these crimes, cryptocurrency investigations are more difficult than traditional ones. In this sense, he believes that the advancement of these regulations could be a big help for the public prosecution, because they could help to speed up procedures by establishing specific protocols for this task.

What do you think about the establishment of a crypto-based investigation unit in Brazil? Tell us in the comments section below.

Mike Novogratz: Bitcoin Isn’t Going Away, but Will Take a While to Recover

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