A few weeks ago, Bitcoin advocate Mike Novogratz bullishly declared that the combined crypto market would reach a valuation cap of $800 billion before the end of this year. Now Galaxy Digital founder Novogratz has extended his prediction to 2019. Why so?
Mike Novogratz, the billionaire founder of blockchain investment company Galaxy Digital, believes that the cryptocurrency market cap will indeed reach a value of $800 billion, only some time in 2019, not 2018 as he had originally predicted. The pugnacious “Novo”, a former collegiate wrestler and National Guardsman who made Goldman Sachs even richer when he was a partner there in the 1990s, is always entertaining when interviewed on TV.
Mike’s been a fan of Bitcoin and crypto for longer than most of his contemporaries, so if he wants to add an extension to his prediction, that’s fine with us.
Beyond Blocks Conference, South Korea
This week Novogratz was interviewed by CNBC at the “Beyond Blocks Conference” in South Korea, and he waxed lyrical about how much the market has changed since 2017. Here’s a quote:
“I think we’ve pretty much bottomed. I’m not positive we’ve bottomed but it feels like we have. …But I do think that we are building a nice bottom for the next move up.”
When pressed by the interview as to why he adheres to this theory, Mike explained that in his opinion, the evidence shows that cryptocurrency is being adopted, albeit gradually. He points out that more and more people are attending crypto conferences (such as Beyond Blocks) and even partaking in blockchain or crypto-related businesses.
Big Company Cred
Last month Novogratz said that the overall cryptocurrency market cap would hit a value of $800 billion by December 2018, and eventually be worth $20 trillion. Mike added an extra twelve months to his prediction during the CNBC interview, although he is perhaps failing to take into account crypto’s current market surge.
Novogratz also revealed that many private institutions are now entering the crypto market as a third party, investing in crypto companies but via venture capital funds. In order to attract more institutional investors, Novogratz pointed out that that when investors see names such as Goldman Sachs linked with a crypto like Bitcoin, the credibility factor goes through the roof. Earlier this year, Goldman Sachs began successfully trading Bitcoin futures from their New York branch.
Novo stated that in his opinion, companies like Coinbase Custody and BitGo, although successful in their own right, cannot compare with the credibility of a Goldman Sachs.