Speaking at the company's Q4 conference call, digital asset investment firm Galaxy Digital CEO Mike Novogratz has commented on the rising fear of the government around the crypto industry.
Novogratz said the government and regulators should fear AI much more than crypto.
- Galaxy Digital's CEO also stated that he was shocked when he saw the amount of regulatory attention for crypto.
- Novogratz added that the U.S. government got the whole crypto industry completely upside down by focusing on crypto regulation and ignoring AI.
- The executive pointed out that AI could trigger an identity crisis stemming from deepfake tech.
- He also underlined that blockchain-based technologies would play a significant role in fighting against the issues created by AI.
- During the conference, Novogratz defined the current situation of the crypto market as seller exhaustion that came after the common panic around the downturn in the industry, forcing holders to sell all their assets.
- Also, the company CEO reiterated his expectation that the crypto market would keep growing for the rest of 2023.
- Galaxy Digital reported a net income of $150M for the year through March 24 after a net loss of $1B in 2022.
