Novogratz noted that exchanges and large companies are starting to take cryptocurrencies more seriously. “We're seeing more organizations starting to enter the market,” Galaxy Digital's founder and CEO said on Wednesday's “Markets Now.”
"Starbucks and Microsoft will allow their customers to use Bitcoin," he said. “More and more institutions are entering the cryptocurrency market due to FOMO.” Eventually, Bitcoin could become part of people's financial portfolios.He said that as time goes on, more people will begin to view Bitcoin as a store of value, like gold. According to Novogratz, Bitcoin will grow by 30% by the end of this year, and in the first quarter of next year, “its price will begin to rise more seriously.”
Galaxy teamed up with Bloomberg to launch the Bloomberg Galaxy Crypto Index in May. This index tracks the performance of 10 digital currencies, including Bitcoin and Ethereum.
And if Novogratz is quite optimistic about cryptocurrencies, he approaches the cannabis industry with caution. However, he believes comparisons between the two markets are fair enough. Shares of cannabis company Tilray (TLRY) have risen quite a bit in price over the past week. However, Novogratz is not yet ready to invest in them: "I will enter the cannabis market during a major sell-off. When companies lose about 50% of their value, I will start buying."
According to money.cnn.com
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