Galaxy Digital CEO Mike Novogratz attended the Token2049 crypto event in Singapore on September 28. He made a bold claim that the upcoming bull run will be 50% utility and 50% story.
“It’s people building applications, people building systems a) that are fast and scalable and b) that are user-friendly. We don’t have them yet — that’s why we’re where we are. But in the next few years, they’re coming.”, said Novogratz.
To compare with the previous bull markets, Novogratz claimed that the 2017’s bull market was 100% about the story, while 2021’s bull market was “probably” 80% story and 20% utility.
However, he is confident that the cryptocurrency developments are getting “there”, and we will finally see a bull market that’s backed by real-world adoption. He claimed, “Ethereum and all the other level ones started really accelerating the work to build a shared blockchain that we could build companies on top of,”
He also added that Bitcoin has been doing fairly better than many fiat currencies recently. He’s not wrong, considering the fact that GBP and EUR have been doing very badly against USD in the past few months.
Novogratz is famous for his claims and Bitcoin price predictions. He made the correct prediction in 2020 when he said that Bitcoin would eventually end at above $20,000. However, he also made a couple of wrong predictions in the previous years.