Mike Novograts to CNBC: ‘I Think Bitcoin’s Price has Bottomed’

CEO of Galaxy Investment Partners Mike Novogratz expressed his optimism for the future of Bitcoin to CNBC’s Crypto Trader in an interview at the Beyond Blocks Conference in Seoul, South Korea.

In a previous interview during December of last year, Novogratz stated that he was not interested in investing in Bitcoin due to the looming uncertainty to follow Bitcoin’s 2017 boom. However, Novogratz has since become bullish on the prospects of Bitcoin, stating that he thinks the price of Bitcoin has finally hit bottom.

“I think we’ve pretty much bottomed,” says Novogratz. “I’m not positive we’ve bottomed, but it feels like we have.”

Novogratz believes that the current bottom could potentially set Bitcoin up for another boom, particularly if investments begin coming in from trusted sources like major financial institutions. His hope is that if well established companies launch joint ventures with major cryptocurrency institutions it could inspire big money to enter into the market.

Novogratz also said cryptocurrency still requires more “regulated clarity” if it hopes to get back to $10,000. He is confident that with clear regulation Bitcoin’s price will get back to 5 figures and that the total cryptocurrency market cap will reach $800 billion within 12 months.

When asked about what’s fueling his optimism, Novogratz points to the overwhelming growth in public interest in cryptocurrency.

“We’ve tested the downside a bunch, and we keep bouncing off it. I see slowly but surely more adoption. There are more people at these conferences, there are more people working in the space [than ever before].”

Novogratz also suspects a “tipping point” is coming and all it takes is for one large financial institution to come into the cryptospace for the rest to follow. Novograts believes this tipping point will come within the next 6-18 months.

Novogratz concluded the interview expressing his excitement for utility tokens.

“I love utility tokens. I think the cooler projects are all utility tokens. I think you will see a lot of the utility tokens being sold in the future operating under some regulatory framework. You’re not going to be able to come up with some half-baked white paper and pump people up… It’s not the way things are going to work in the future. [Utility tokens] are far more exciting to me than security tokens.”

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