Mike Novogratz, a former Goldman Sachs partner, is optimistic about the cryptocurrency market.
An interview published by Financial Times shows how the businessman believes the cryptocurrency market will “flip next year” despite the fact that this year has been a challenge for cryptocurrency businesses such as his own, Galaxy Digital. He admitted that “it sucks to build a business in a bear market.”
However, Novogratz is expecting the market to turn around and see waves of investors next year. He believes that financial institutions will make the move from “investing in cryptocurrency funds to investing in cryptocurrencies proper in the first quarter of next year” and when that happens, the prices will readjust to see some green.
According to the Financial Times interview, Novogratz added in that “it’s easy to get skeptical but there’s something happening” with reference to several developments in the cryptocurrency industry which has been headed up by major figures in traditional finance. Regarding these “things happening” Galaxy Digital’s founder pointed towards Bakkt Bitcoin (USD) Daily Futures Contract – a product which the New York Stock Exchange has delayed launching until next year.
In June of this year, Novogratz made the claim that cryptocurrency is heading towards becoming a twenty trillion dollar industry, saying at the time:
“It won’t go there ($20 trillion) right away. What is going to happen is, one of these intrepid pension funds, somebody who is a market leader, is going to say, you know what? We’ve got custody, Goldman Sachs is involved, Bloomberg has an index I can track my performance against, and they’re going to buy. And all of the sudden, the second guy buys. The same FOMO that you saw in retail [will be] demonstrated by institutional investors”.