Mike Novogratz, the influential investor of Cryptocurrencies, was once again on Monday calling out to investors to have faith in the world’s first decentralized currency, Bitcoin. The crypto guru once again predicted that the coin would break past $20,000 benchmark in 2019. The reason for such a hike, he reasons, is the current pursuit of institutional investors.
Mike Novogratz, the founder of Galaxy Digital is himself a crypto-God as his firm has been responsibly steering hundreds of crypto-enthusiasts’ projects towards achieving their objectives.
The unicorn investor predicts that the financial institutions have been exploring all possible avenues to enter the cryptocurrency markets thus far. In the last few months, one big financial institution after another – Goldman Sachs, VISA, MasterCard, to name a few have been expressing their vision via products which are in the decentralized domain. All of these big institutions believe decry their presence in the markets, which they previously dismissed as scam-oriented, unsecured assets, is due to the alleged demands by their customers who want to be participants in cryptocurrency products.
Novogratz who is an ex-Goldman believes that his former employer’s biggest issue is with missing out the bus, with cryptocurrency. Hence the “Fear of Missing Out” or FOMO is expected to bring in all the big players so as to get themselves entrenched into a scheme of financial services systems which will soon make them indispensable to their clients.
According to Novogratz predictions, the current price at $6,800 will reach as much as $8,800 to $9,000 by the end of the year. Soon the first quarter of 2019 will see the bitcoin whizzing past the $10,000 mark and move through the year to arrive at $20,000 or more.
And it is not just all talk by Novogratz.
His views appear to be well received by research institutions of the caliber of Yale, Stanford University and Harvard and MIT to offer endowments in the cryptocurrency space to the tune of $108 billion so far.
The only celebrity negative-voice appears to be that of BlackRock, the asset management firms’ CEO Larry Fink who is awaiting new regulatory framework to launch any sort of crypto product, be it ETF with Coinbase also!