- Galaxy’s CEO says crypto is changing.
- Wall Street and the market downturn drive the change, Mike Novogratz says.
- That means traders should expect lower returns in the future, he says.
Crypto’s “age of speculation” is coming to an end, billionaire investor Mike Novogratz declared on Tuesday.
At an industry event this week, the Galaxy CEO argued that the combination of a brutal market downturn and Wall Street’s encroachment of crypto will drive more risk-averse investors to tap into digital assets.
Speculation will “be transposed or replaced by us using these same rails, these crypto rails, to bring banking [and] financial services to the whole world,” Novogratz said at the CNBC Digital Finance Forum on Tuesday, CNBC reported.
