Mike Novogratz, CEO of Galaxy Digital, has compared the recent fall in cryptocurrencies to the collapse of Lehman Brothers during the 2008-2009 financial crisis.
He believes that the industry should be legalized, in order to make it more transparent and better protect investors.
Novogratz has noted that although regulators currently lack the power to properly control funds transfers in digital currencies, he still believes that Bitcoin’s rate could rise up to $500,000 in the future due to its nature as an alternative instrument amidst central banks’ fight against inflation.
