Michael Novogratz, CEO, and founder of Galaxy Digital, opined that institutional investors will lead Bitcoin [BTC]s price hike next year, which will see the leading token cross $10,000.
In an interview with Bloomberg, the cryptocurrency investor said that it was highly unlikely that Bitcoin would cross $10,000 this year, owing to a placid market.
As the Bitcoin hype and FOMO has died out now, the only factor that could drive a strong price hike will be the investor push, he said.
The finance expert said that his cryptocurrency investment firm, Galaxy Digital, would be one of Fidelity Digital Assets’ first clients.
Fidelity Investors, a prominent financial services provider, earlier announced that it will be entering the cryptocurrency space with a new trading and storage platform, called Fidelity Digital Assets.
The 53-year-old justified his notion about Bitcoins price surging in 2019 saying that everything in the cryptocurrency markets takes time to reach its fruition. Novogratz said:
“One thing you learn in this process (investing in crypto space) is that everything takes a little longer than you hoped it would. I don’t don’t see us breaking $10,000 by the end of the year.”
Navigating the possibilities that institutional investors would bring to the table, he opined that their relatively large investments could even pump the price up to $20,000. However, the move can only come after the US Securities and Exchange Commission [SEC] decides to approve the Bitcoin ETF.
Tom Jessup, Head of Fidelity Digital Assets, had stated that the company was confident about cryptocurrencies stay in the market. He said:
“In our conversations with institutions, they tell us that in order to engage with digital assets in a meaningful way, they need a trusted platform provider to enter this space. These institutions require a sophisticated level of service and security, equal to the experience they’re used to when trading stocks or bonds.”
Earlier, Novogratz was hopeful of a surge in Bitcoin’s price. In 2017, the former hedge fund manager had stated that BTC will cross the $40,000-mark in 2018.