Galaxy Digital’s CEO Mike Novogratz sees a mixed outlook for crypto

Galaxy Digital Founder and CEO Mike Novogratz has a mixed outlook for the crypto market in 2023 during an interview with Andrew Ross Sorkin on CNBC’s Squawk Box.

He said that 2022 was a “washout” for growth stocks and crypto and any companies associated with it, especially those with high costs and shrinking revenues, got hit hard.

Novogratz believes that CEOs, like Brian at Coinbase, are making the right decision to cut costs and survive this transition period.

Furthermore, he said that the outlook for crypto is not horrible, but it’s not great. There are regulatory headwinds that didn’t exist before.

He also noted that the price of Bitcoin and Ethereum have been steady in the last few months, and have even gone up recently.

Additionally, he says that the market is pretty clean now and the industry is taking time to heal and rebuild narrative.

Novogratz sees 2023 as a year to survive and believes that crypto is not going away. He also mentioned that Galaxy Digital is investing in mining and security companies.