Two billionaire crypto phenoms have revealed the altcoin sectors that they think will be permanent in the long run.
Mike Novogratz says this altcoin industry is ‘better’
Galaxy Digital CEO Mike Novogratz said in a speech at the SALT forum in New York that the DeFi industry will sit at the top of the market. According to the crypto phenomenon, due to its solid fundamentals, the DeFi industry will be permanent in the long run. Here are some of the statements Novogratz made about DeFi on the SALT forum:
I always say DeFi wins because it’s a better product. Can be combined. Transparent. It is placed automatically. It’s just a better product, so it will win in the long run. In the short term, there are many people who don’t want him to win.
Novogratz also highlighted the DeFi industry’s need for regulation. He said the industry has an imperative to establish standards that can prevent the sharp price movements that have occurred this year:
…When you look at what happened last year, the industry did a terrible job of self-regulating. Companies like Celsius used enormous leverage by taking consumer deposits, overnight deposits and lending them three, four, five years, an asset-liability mismatch that no rational man could manage… There are 15 firms like this. It was stupid if not illegal… Regulators didn’t have the tools to audit these companies. They had no foresight, so I don’t let the regulators in on it.
Experienced Manage
Mark Yusko, founder and CEO of Morgan Creek Capital Management, says that Bitcoin (BTC) has already left the worst behind. On his YouTube channel Thinking Crypto, he added that he expects his participation to decline for a while after the Ethereum merge. The seasoned hedge fund manager says the market has bottomed out and is now heading for the next bull cycle.
As the global economic downturn has battered countries around the world, Yusko claims that even if the Fed continues to raise interest rates, it will have only a limited impact on global prices:
I firmly believe that a recession is underway. Not a depression, but a brief recession in the vein of 2001. I believe the Fed could tighten things up too much and cause problems, but here’s the thing: How much will the rate hike be? It’s irrelevant if the Fed did it before the price of Ukrainian wheat changed, right?
“I think the Fed will reverse”
According to Yusko, if the Fed changes its mind on interest rates, the outcome will be positive for cryptocurrencies.
I think there is a recession going on. As a result, I believe the Fed will change course. When they’re reversed, we’ll have a face-melting rally. I mean face melter because crypto has tons of shorts and they’re going to burn.
cryptocoin.comAs you follow, the Fed increased interest rates by 75 basis points on September 22. Gold, Bitcoin and other markets have been on the decline since this date.
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