Crypto investors are underperforming equities, says Galaxy CEO

Mike Novogratz, Galaxy Digital CEO, has some advice for investors in the field of cryptocurrencies. He said that cryptocurrencies are very underperforming equities due to the fact that there are no buybacks and giant pension rebalancing that are causing the squeeze in equities.

The S&P 500 gained 2.47% on May 27 while the Nasdaq Composite Index was up 3.33%.

The longest weekly loss since August 2011 was recorded by the price of digital currency for the eighth week in a row. It fell 2.4% to $28,700 on Friday.

The market value of the digital currency has lost $500 billion in May.

At the time of writing, it was trading at $28,803, almost 2 percent down in the last seven days.

Photo: created with images from Acumen Fund from Flickr.