Galaxy Digital takes a hit as tough year draws to close

Mike Novogratz’s crypto investment bank Galaxy Digital lost $136 million in the first three quarters of 2018, Bloomberg reports.

“While we continue to improve and strengthen our trading business, lack of overall trading volume in cryptocurrencies has been a headwind,” the firm said in a filing.

Still bullish after all these years

Cryptocurrency will “flip next year”, Novogratz recently commented.

“2017 was just fun, it was almost stupid,” he told the Financial Times. “[But] this year has been challenging. It sucks to build a business in a bear market.”

Nonetheless, he predicted that financial institutions will move from investing in cryptocurrency funds to cryptocurrencies proper during the first quarter of next year. “You’ll see that flip next year. That’s when prices start moving again.”

Novogratz has a history of making bullish declarations. Late last year, he said Bitcoin would hit as much as $40,000. And, well, you know the rest. His critics were quick to pounce following his latest prediction. “For him to say something is going to happen with price, he’s trying to predict something that he has no influence over,” said Tim Swanson, founder of Post Oak Labs.