Billionaire investor Mike Novogratz released a video to cheer investors on Wednesday after a seven-day sell-off nearly halved the value of the global cryptocurrency: "persistence is victory!"
In a two-and-a-half-minute video released by his Galaxy digital company (Galaxy Digital), Novogratz said that fluctuations in cryptocurrencies are normal.
"the market will consolidate for a few weeks now, and confidence needs to be restored, if not months," he said. "
"We can't recover the short and fat (Humpty Dumpty) in a week," Novogratz said. But I want to emphasize loudly and clearly that many aspects of the Bitcoin ecosystem, the Ethernet Fong ecosystem and the cryptocurrency ecosystem are moving at full speed. "
He also stressed that the value of cryptocurrencies is a technology that will revolutionize the way people transmit value to each other in insurance, derivatives and banks.
"this great decentralization revolution is still active and powerful," Novogratz said. Its price has been hit, and the cryptocurrency has been hit before, but it has always made a strong comeback. "