Thursday, June 27, 2019
Home Business Mike Novograz: this year, the institutionalists will push Bitcoin to $ 8,000

Mike Novograz: this year, the institutionalists will push Bitcoin to $ 8,000

The founder of Galaxy Digital, Mike Novograz, in a conversation with Bloomberg, expressed the opinion that in March of this year, custodial solutions for cryptocurrency will start to run, which will pave the way for institutional money.

“All the necessary architecture is being created to make institutes feel comfortable”– noted Novograc.

He stressed that at the beginning of spring, signs of the emergence of “smart money” will be visible on the market. According to him, only Fidelity investment company has 200-300 customers who are interested in Bitcoin investments. However, he notes, big business will enter the market gradually, as caution is characteristic of whales.

"Over the next 6-12 months, you will see institutions begin to invest small amounts in digital currencies– the crypto-enthusiast shares opinion. – Small amounts of institutional funds are big money. ”

The increase in demand will inevitably affect the price – thanks to institutional money, the price of Bitcoin will reach $ 8,000, Novograz is sure. After that, being “digital gold”, Bitcoin will become even more distinguished from the rest of cryptocurrencies.

Arguing about the lingering “cryptozyme,” the founder of the Galaxy Digital said that last year showed “how painful bursting bubbles can be.” Now that the frenzy of retail investors has faded, and with it the inflated prices of thousands of digital assets, the industry is preparing for a structural shift from the “people's revolution to institutionalization”.

Earlier, the head of Pantera Capital, Dan Morehead, expressed the opinion that market participants do not need to worry about “endless cryptozymes”, since the growth of Bitcoin will serve as a trigger for the arrival of institutions.

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