Mike Novogratz's company lost more than $272 million

Cryptocurrency investment company Galaxy Digital reported a net loss of as much as 272.7 million for 2018. The information was officially announced on 29 [...] https://www.pinterest.com/pin/1085437947660215829/

Cryptocurrency investment company Galaxy Digital reported a net loss of as much as 272.7 million for 2018. The information was officially announced on April 29 in a special press release. According to The Block portal, the company's CEO Michael Novogratz told the media that during the last quarter of last year, he felt the cryptocurrency market "like watching Game of Thrones last night." With this, he referred to the popular fantasy series, which became famous for, among other things, the fact that in its scenario the corpse is strewn as often and thickly as in Shakespeare's bloodiest dramas. And indeed they did. The end of 2018 was a veritable slaughter on cryptocurrency exchanges. The aftermath was poor financial results for companies like Galaxy Digital and various ICOs. Novogratz told shareholders during a conference call he organized that: "The results that year were by no means great..." One would like to say that as CEO he passed his diplomacy course with honors.... Will it get better? In revealing the results, Novogratz said that the start of 2019 "saw a significant uptick in activity" and acknowledged that this uptick in digital asset markets helped Galaxy Digital finally turn a coveted profit. The fact that the previous year was a weak one for his venture was already known much earlier. In late November, the company confirmed that it lost $136 million in the first nine months of 2018. What can be chilling, however, is to see that the losses even doubled in the last three months of the year. Bull No. 1 Nevertheless, Novogratz remains optimistic. When we were fresh off the bursting of the last bubble, he believed the stock price would rebound soon. It didn't. Bitcoin went down, down and down. Despite this, the Galaxy Digital chief still believed (or at least said he did) in the long-term potential of that falling anvil that was BTC at the time. In February, he already predicted that the cryptocurrency would become digital gold and its exchange rate would reach $8,000 in the medium term. He probably still thinks so, because in January this former Goldman Sachs partner increased his stake in Galaxy Digital to 79.3%. Tags downturn bitcoin price Galaxy Digital Mike Novogratz losses