Mike Novogratz Is Laying Off Staff Members
Novogratz is famous for building Galaxy Digital, a commercial crypto bank. It was announced that the company has laid off about 13 individual workers – approximately 15 percent of its total employees – back in January, though at press time, it doesn’t look like these layoffs occurred in any single department.
Galaxy Digital is comprised of several different arenas including asset management, principle investments and advisory services. All the departments are still functioning at the time of writing, and the layoffs appear to have occurred throughout multiple departments rather than just one.
People familiar with the situation have said that the layoffs are nothing new, and typical of Galaxy Digital at the end of each year. The company doesn’t appear to be any imminent danger, considering these sources say that approximately 80 staff members still remain onboard and the company is now hiring for several new roles, though at press time, it doesn’t appear that any such roles are being advertised on LinkedIn or job search platforms.
Another anonymous employee involved with Galaxy Digital claims that the company had sought to really build up its asset management department and did so in considerably shorter time than what was originally expected. Thus, the department has become “overbuilt” and executives thought it best to lay off certain staff members before things become too large or uncontrollable.
Novogratz has always been a big bitcoin advocate. In a recent interview with CNBC, he made headlines when he stated that 2020 would be a big year for bitcoin, and that the currency was likely to surge past its $20,000 all-time high (attained in December of 2017) before 2021 rang in.
Bitcoin Is Becoming So Much More
He further explained that bitcoin was no longer being used for speculative purposes, and that it was now comparable to gold in its ability to “store value” and retain one’s wealth during periods of economic uncertainty. He stated:
Right now, bitcoin feels a little frenzied, and we could see it surge up, but I think by the end of the year, we could certainly take out the old highs, or at least we go to the old highs… Coming out of the ashes, bitcoin has really developed its own lane as a store of value… The Chinese are about to pull two giant bazookas out and stimulate the heck out of the second-largest economy in the world. That’s going to be good for Chinese stocks at one point, but that stimulus always finds its way around the world, so oil prices end up coming back up, and you get another surge of growth.