Mike Novogratz sat down with Bloomberg to discuss institutional investors, cryptocurrency adoption, and Bitcoin price predictions for the year’s end and beyond.
In a recent interview with Bloomberg, Michael Novogratz, the CEO of Galaxy Digital and former hedge fund manager at Fortress Investment Group, gave his take on new developments with institutional investment platforms and the sentiment in the cryptocurrency market as we enter the last quarter of the year.
Institutional Investment
Cryptocurrency’s hottest buzzworthy topic right now is institutional investment platforms, as everyone hopes they will bring new waves of capital into the market.
He discussed the upcoming launch of the New York Stock Exchange-backed cryptocurrency custody platform BAKKT, as well as the newly-announced Fidelity digital asset security solution.
‘Right Now It’s Like A Fourth-Grader’
The bull run that happened at the end of 2017 was an anomaly, and many tend to forget that the market is still young and needs time to grow and form to its environment.
He continued with an analogy comparing the crypto market with a growing child.
Novogratz remains hopeful, claiming $6,800 and $10,000 to be critical levels for Bitcoin to break, but does not foresee the latter happening in 2018. He’s quite bullish for 2019 and beyond.
Do you agree with Mike Novogratz’s stance on the importance of new custodial platforms? Will Bitcoin be able to reach new highs in 2019? Let us know your thoughts in the comments below!