Mike Novogratz, the CEO of Galaxy Digital said that an influencial institutional investor has invested in Bitcoin Hedge Fund, during an interview with CNBC Fast Money. The Founder, however, has not revealed who the institutional investor is but has stated that they are one of the most influential ‘endowments’.
He further stated that the ‘influential endowments’ has not made the announcement yet and according to him, this is going to be an important information. He said that there is going to be an institutional FOMO just like the retail FOMO.
According to Novogratz:
“So I do think that Bitcoin is going to outperform for a while and I am not a Bitcoin maximalist but everyone who is talking about institutional investors is going to start with Bitcoin.”
He further stated that all the institutional investors projects are going to start with Bitcoin because it is a store of value and because people know about the brand and it is easier to value Bitcoin.
Mike said that the interest of institutional investors in the cryptocurrency market has seen a significant growth. He also added that in the next three to six months, big institutions are going to start investing in cryptocurrencies and when this happens, there will be more products apart from the custody.
“I think it’s going to happen we’re talking to lots of them and at that point you know the sky’s the limit”
However, Mike stated that this will not be achieved by the end of this year but the prices will definitely go up. According to him, the institutional money is going to start flowing in the space by Q1 or Q2 of 2019. Furthermore, he said that Goldman Sachs, one of the biggest financial institution in the US, will be announcing details regarding the launch of their custody in the next six weeks.
The Founder also spoke about the decrease in the value of Bitcoin and other cryptocurrencies. He said that in his recent tweet he mentioned that cryptocurrencies has reached the bottom by looking at the charts. He thinks that the brighter days for Bitcoin [BTC] and Ethereum [ETH] is going to arrive soon.
According to him, the space has witnessed a massive growth because of which there were a lot of people hopping onto the bandwagon. This eventually resulted with ICOs selling their coins to pay salaries to their employees and cover for their healthcare and computers. The Founder thinks that most of the selling is ‘”finished” and that is the reason for the bounce back in the price last week.
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