Billionaire investor Mike Novogratz spoke about the soaring price of Bitcoin, institutional investors and the inevitability of the cryptocurrency revolution during a keynote speech at Blockchain Week Korea and in a subsequent interview with TheStreet.
Former Fortress Investment Group LLC fund manager Mike Novogratz has repeatedly made optimistic predictions regarding the price of Bitcoin. His October forecast of 2017 that Bitcoin would cross the $10,000 mark within two months came true completely.
Now Mike Novogratz believes that Bitcoin has already dropped to a critical point and is heading towards $10,000. Bitcoin will quite soon overcome this mark, subject to certain conditions, and will begin to rise to $20,000. At the same time, the necessary conditions, in his opinion, are the support of institutional investors and the legislative framework.
Mike Novogratz, founder and chief executive officer Galaxy Digital Capital Management recently stated that many institutional investors are approaching the cryptocurrency ecosystem and that they will inevitably invest in initial coin offerings (ICOs).
In his interview, Novogratz said that institutional investors are very slow and cautious. Their awareness of the inevitability of the spread of blockchain technology and cryptocurrency, like the Internet or Web 3.0, is lagging.
The widespread adoption of digital currencies will convince them to enter the market, for the same reason they began investing in web companies many years ago. As part of hedge fund management, institutional investors will initially invest through venture capital funds. According to him, some of them are already investing, such as Sequoia, Polychain and Benchmark.
The second way to enter the market is through the participation of institutional investors in ICOs.
It appears that various companies in this sector were expecting an "institutional incursion" given the recent increase in the volume of products and services in the institutional class. For example, Coinbase recently released Coinbase Custody in an attempt to remove barriers to entry through custodial services. The soon-to-be-approved Bitcoin ETF is also designed to attract institutional investors.
Perhaps this time the forecast of the famous Bitcoin bull will turn out to be correct. At the time of publication, the Bitcoin rate exceeded $8,250.
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