In the world of cryptocurrency, the rivalry between Bitcoin (BTC) and Ethereum (ETH) is no secret. However, prominent investor and former hedge fund manager Mike Novogratz is calling for a truce between the two communities.

Novogratz took to Twitter to express his frustration with the polarizing mentality that is often seen among cryptocurrency enthusiasts. He emphasized that both BTC and ETH have robust communities that believe in their respective digital assets’ futures and are willing to invest significant wealth in them.

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Novogratz’s tweet read: “I don’t understand why many crypto advocates like an either/or proposition. Both BTC and ETH have huge communities that believe in their future and are willing to store a bunch of their wealth in them. Make love not war.”

Novogratz’s message is an important one. While the rivalry between BTC and ETH has been ongoing, it is crucial to remember that both cryptocurrencies have their unique strengths and are valuable assets to investors. By embracing the positive aspects of both BTC and ETH, the cryptocurrency community can grow and thrive.

BTC is often seen as the “gold standard” of cryptocurrency and is widely used as a store of value. It has a limited supply, making it a scarce asset that can hold its value over time. On the other hand, ETH is a decentralized platform that allows developers to build decentralized applications (DApps) on top of it.

Both BTC and ETH have their unique advantages, and Novogratz’s message emphasizes that cryptocurrency enthusiasts should celebrate these differences and work together to build a stronger community.

Novogratz is a well-known figure in the cryptocurrency industry, and his call for a truce between BTC and ETH is likely to be well-received. It is important to remember that the cryptocurrency industry is still in its early stages, and there is room for both BTC and ETH to grow and evolve.

Novogratz’s message of “make love not war” is a reminder that the cryptocurrency community should focus on the positive aspects of BTC and ETH and work together to build a stronger industry. As the cryptocurrency market continues to evolve, it is important to embrace diversity and collaboration to achieve success.

#Bitcoin #ETH #Ethereum #Novogratz #azcoinnews

This article was republished from azcoinnews.com

Galaxy Digital Holdings Ltd. has announced its financial results for the year ended December 31, 2022, for both Galaxy Digital Holdings LP and itself. The company’s founder and CEO, Michael Novogratz, stated that 2022 was a pivotal year for the company, and despite the unprecedented macroeconomic events faced by the industry, it successfully stayed on course and took advantage of strategic opportunities to build its operating businesses for the future. Novogratz expressed confidence in the company’s go-forward strategy, businesses, and team.

Galaxy Digital Holdings LP generated about $150 million in income before tax as of March 24, 2023. The company maintained a strong liquidity position after recent disruptions in the commercial banking sector. Galaxy Digital Holdings Ltd. anticipates net profits for the first quarter of 2023 in its operating businesses and positive gains from its balance sheet holdings of liquid coins and investments.

The company’s trading operating business benefited from heightened market volatility and increased volumes from existing counterparties. Furthermore, Galaxy Mining has doubled its capacity since the beginning of the year, and by the end of 2023, it expects to have more than 4 EH/s of Hashrate Under Management.

Galaxy Digital Holdings LP’s net loss was $287.8 million for the fourth quarter of 2022, compared to a net income of $521.3 million in the prior year’s period. For the year ended December 31, 2022, net loss was $1.0 billion, compared to a net income of $1.7 billion for the year ended December 31, 2021. The loss was primarily due to unrealized marks to market on investments in the company’s Principal Investments portfolio, driven by depressed market conditions.

Galaxy Digital Holdings Ltd. maintained a strong liquidity position of $957 million as of December 31, 2022, including $542.1 million in cash and a net digital assets position of $415 million. However, the net digital assets balance of $415 million at December 31, 2022, was lower than the $1.2 billion at the end of the prior year.

Galaxy Trading reported continued growth of counterparty count and strong operational net revenue contributions. The company’s cumulative gross counterparty loan originations were approximately $370 million within the quarter.

The value of GT’s counterparty loan and yield portfolio decreased approximately 8% quarter over quarter. The company is focused on the strategic build-out of GalaxyOne, its unified, client-centric prime-brokerage platform for digital assets. A beta version of the trading component of the platform will be released to select customers in the second quarter of 2023.

Galaxy Asset Management reported preliminary assets under management of approximately $1.7 billion as of December 31, 2022, a 14% decrease from the previous year.

#GalaxyDigital #Galaxy #Novogratz #BTC #azcoinnews

This article was republished from azcoinnews.com

#bitcoin ended May down 8.0% – its worth month since November.

Galaxy Digital CEO Michael Novogratz is still bullish on BTC.

He explained why this morning on CNBC’s “Squawk Box”.

Bitcoin just had its worst month since late last year but Michael Novogratz – the Chief Executive of Galaxy Digital is keeping optimistic on the cryptocurrency.

Novogratz shares his view on Bitcoin

#Novogratz attributed the recent weakness in BTC to a lack of participation from large-scale buyers or the institutional investors.

But the billionaire investor talked of two recent developments this morning on CNBC’s “Squawk Box” that he dubbed meaningfully positive for the Bitcoin.

WeChat enabled bitcoin and crypto trading. That’s a big deal. Hong Kong is officially allowing crypto trading for retail customers through regulated exchanges. So, we’re seeing Asian adoption.

Novogratz also noted that #BTC , despite a sell-off in May, is still up 65% year-to-date which makes it one of the best performing assets since the start of 2023.

Rate cuts will be a positive for Bitcoin

Novogratz also expects Bitcoin to benefit once the U.S. Federal Reserve starts to cut interest rates that he sees likely in the final quarter of this year.

To that end, the Galaxy Digital CEO said he would definitely pick BTC over a 5.0% guaranteed return on Treasury Bills if he had to invest $10,000 right now.

The U.S. economy will slow . . . If we see a real slow down in the second half of the year, the Fed will be cutting rates by October and crypto will be off to the races.

Further ahead, the total supply of Bitcoin is set to cut in half next year that’s historically been a tailwind for price appreciation.