Mike Novogratz, CEO of Galaxy Investment Partners, an optimist and a bull investor in the cryptocurrency sector has put forward his evaluation of the cryptocurrency market based on real indicators, statistics, and realistic overview of the industry.
While speaking with Bloomberg on Bloomberg Markets: The Close, he said, “the price of bitcoin wouldn’t break $10,000 in 2018.”
Mike Novogratz, further relayed that the first half of the next year could expect the price surge in Bitcoin if institutional adoption occurs.
An astute investor has toned down his buoyant approach and said the network “One thing you learn in this process is that everything takes a little longer than you hoped it would. I don’t see us breaking $10,000 by the end of the year.”
Although Novogratz reckons the move by Fidelity Investments’ on releasing a custodial solution a favorable sign for the market which is designed for the institutional investors for the safety of their digital assets, he is doubtful about the mass interest on how soon it can gather an expected achievable response.
He added in the discussion that Fidelity won’t start “seeing institutional flows into purely crypto assets late first quarter or early second quarter.”
Novogratz reiterated that despite the growing demand from institutional investors for cryptocurrencies, actual investments that have come in from institutional investors have virtually been non existent, and the most recent bull rally was triggered by retail investors or individual traders.
He also believes in the importance of long-term rally which has the potential to lead the crypto market to a $20 trillion valuation. He is positive about the crypto market which has all the undeniable chances to bounce back from the major corrections being experienced in 2018 and will beat the previous all-time highs and judging market’s ability to transcend all heights achieved in the past.
“Cryptocurrency is a global revolution. The internet bubble was only a US thing. It was rich US people participating. Cryptocurrency is global. There are kids in Bangladesh buying coins. It is monstrous in Tokyo, in South Korea, in China, in India, and in Russia. We’ve got a global market and a global mania. This will feel like a bubble when we’re at $20 trillion.”
Based on earlier statements Mike Novogratz sees and expects the rise in Bitcoin price in Q1 2019 and also depicts the rally of 30 percent by the end of 2018 which can probably become a catalyst for the big institutions and pension funds to take part in the race.