Mike Novogratz: It will take 5 to 6 years until crypto is adopted

mike novogratz

According to former Wall Street top manager Mike Novogratz, it will take 5 to 6 years until cryptocurrencies are fully recognized and adopted.

At the Beyond Blocks conference in South Korea, Novogratz expressed confidence that in the next two or three years many new organizations and companies will come to the crypto industry. Without this, according to the billionaire, “we will walk in circles.”

“We will not see a massive adoption of blockchain until users get used to the technology, and before that, there are still five to six years, ” said Mike Novogratz.

Among the main obstacles to the development of the industry, the founder of the crypto bank notes the constantly increasing cost of services of blockchain specialists, as well as doubts of traditional investors.

“Think about how institutional investors work. It’s pretty hard to go to the boss and say that the money is in a place he did not even hear about. It will require a reliable and well-known trustee – a Japanese bank, or an organization of the Goldman Sachs, HSBC, or ICE level. Only then will the institutional investor feel comfortable” explains Novogratz.

The banker noted the importance of regulating cryptocurrencies. In particular, he expressed satisfaction with the work of the Securities and Exchange Commission (SEC) aimed at prosecuting scammers and market manipulators.

Also, Mike Novogratz believes that the penetration of blockchain into the lives of ordinary people should be accelerated, and for this, it is necessary to make the technology more transparent. In this case, the user does not need to know the details of its operation in detail.