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Mark Cuban, billionaire investor and co-owner of the Dallas Mavericks, has expressed a strong preference for Ethereum over Bitcoin, citing its potential for higher returns. Despite his bullish stance, recent market performance shows Bitcoin gaining 57% since October 2021, while Ethereum has dropped nearly 20%. Currently, Cuban holds a small amount of Ether and no Bitcoin in his portfolio.
Galaxy Digital has appointed Tony Paquette, a former Point72 executive, as its new CFO, succeeding Alex Loffe, who will transition to a senior advisory role in January 2025. This leadership change comes amid the company's financial challenges, including a reported net loss of $54 million, and a shifting regulatory landscape for cryptocurrency in the US. Despite these hurdles, Galaxy Digital remains optimistic about future growth, especially with the anticipated pro-crypto policies from the incoming Trump administration.
U.S. markets rose after Nvidia's earnings report, with the S&P 500 up 0.53% and the Dow Jones climbing 1.06%. Despite Nvidia's impressive revenue growth, its shares only increased 0.5% due to concerns over slowing growth and conservative sales projections. Bitcoin approached $100,000, fueled by optimism following Trump's election, while the Fed faces pressure amid inflationary policies.
Michael Novogratz, head of Galaxy Digital, expressed skepticism about the establishment of a Bitcoin strategic reserve under President-elect Donald Trump, citing low odds due to the Republican Senate's lack of a supermajority. He suggested that the U.S. should embrace Bitcoin to position itself as a leader in technology and digital assets, while questioning the need for the dollar to be backed by anything.
Michael Novogratz, founder of Galaxy Digital, reported a surge in crypto trading following Donald Trump's presidential victory, marking the firm's largest trading day of the year. He noted robust activity across various operations, including trading, lending, and derivatives, expressing confidence in their ongoing efforts.
Michael Novogratz
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