Altcoin News: Mike Novogratz: “Institutional Clients Are Preparing to Enter the Cryptocurrency Market”
February 15, 2019, by Marko Vidrih on ALTCOIN MAGAZINE
Mike Novogratz, a well-known cryptocurrency enthusiast and founder of the Galaxy Digital investment bank, believes that large institutional investors will start investing in the cryptocurrency industry next year.
All the architecture that institutions need to feel comfortable with this is being put in place,” Novogratz said. “You’re going to start to see custody come online”.
One of such solutions will be the service of the Fidelity company, which, according to Novogratz, has from 200 to 300 large customers who are ready to invest in cryptocurrencies. He noted that after the launch of the custodial solution, not all fund managers will immediately start investing in cryptocurrency.
“Over the next 6–12 months you are going to see institutions put a small amount of their assets in digital currencies. A small amount of institutional assets is a lot of money.” the former hedge fund manager said.
According to Novogratz, after the flow of institutional money rushes into the industry, the rate of Bitcoin should soar to at least $8,000. Currently, the first cryptocurrency is trading at around $3,600.
Earlier, a former Wall Street banker expressed the opinion that cryptocurrency growth will have to wait a few more months.
Author: Marko Vidrih