The founder of the Galaxy Digital Bank, Mike Novogratz, is confident that the cryptocurrency market is ready for explosive growth. He stated this in an interview with CNN Money.
Novogratz noted that exchanges and large companies, including Starbucks and Microsoft, are starting to take a more serious attitude to cryptocurrencies.
“You’re seeing now institutions moving in,” the founder and CEO of Galaxy Digital told CNN international correspondent Paula Newton on CNNMoney’s “Markets Now” on Wednesday, specifying that the massive adoption of the cryptocurrency will inevitably lead to an increase in the prices of digital assets.
In his opinion, the activity of institutional investors is explained by their fear of missing opportunities associated with the “inevitable growth and adoption” of the cryptocurrency market. Also, Novogratz noted that soon bitcoin will become part of the financial portfolios of many people.
“As you start getting custody and service providers in and around the system, it allows pension funds and endowments to get involved,” he said, pointing to the possibility of considering bitcoin as a means of preserving value like gold.
According to Novogratz, earlier this month the market of cryptocurrencies already reached the bottom. He predicted a 30% increase in bitcoin prices by the end of the year, arguing that in the first quarter of 2019 the bullish movement will continue.