Billionaire makes disappointing statements about the fate of cryptocurrency hedge funds

In recent days, the dynamics in the cryptocurrency market have been mixed. Indicators are often bouncing between the red and green zones. Amid such uncertainty, some major market players are making gloomy predictions. This week, that was the opinion of billionaire Mike Novogratz. 

Having been a hedge fund manager himself in the past, Mike believes that most such companies will fail shortly. Keep in mind that Novogratz himself is also the CEO of a cryptocurrency investment firm. 

According to Mike, there are currently more than 1,900 hedge funds. Due to volatility in the cryptocurrency market, he believes that about 30% of these funds will go bankrupt. The downward trend is related to the cancellation of stimulus from the U.S. Federal Reserve. 

Meanwhile, Novogratz himself has recently become an object of harsh criticism. His company has previously been actively involved in the promotion of the TerraUSD stable coin project, which lost positive momentum in early May and the fall continues to this day. however, Mike remains in an optimistic mood about the project. 

In addition to this article, we’d like to read about how U.S. companies saw their revenues grow after they started accepting cryptocurrency as a unit of account. We are talking about 90% of American companies that started working with cryptocurrency relatively recently.

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