Bitcoin is currently rising, although not in a “hockey-stick” manner, but investors and hodlers have faith that the currency will continue its climb and soon hit the $10,000 critical price level.
However, at the very beginning of 2018, the cryptocurrency market went down by a huge percentage. Overall prices went down by 60% and Bitcoin decreased to as low levels as $5,000.
Mike Novogratz is known as one of the most bullish investors when it comes to Bitcoin and cryptocurrencies. In the past year, he has been predicting Bitcoin at sky-price levels of as much as $50,000 per coin. His crypto firm, however, has taken some huge hits with the overall decline of the market.
According to the official financial statements of the company, it is obvious that Galaxy Digital has so far lost around $134 million in the first quarter of 2018.
In addition, numbers show that the company incurred large operational expenses, as well as a negative profit for Q1 of 2018. Novogratz intends to list its firm on the Toronto Stock Exchange, so performance and scrutiny over the financial statements are crucial at this point.
Nevertheless, the founder explained that he is very enthusiastic about the progress the firm has made so far, and the incredible team of professionals it employs.
According to Ethereum World News, the total assets (digital currencies) that Galaxy held in the first quarter of 2018 was $225.8 million, which is a significant amount of cryptocurrencies’ value.
While Novogratz’ company is experiencing financial hardships, or did so in Q1 of this year, the founder firmly believes that the cryptocurrency market is yet to explode and probably reach $20 trillion in market capitalization in the near future.