Bitcoin’s [BTC] acceptance and its mainstream application is a debate that has gone on for a long time. While several proponents of the space have come forward and established its use cases, the space has suffered under criticism and the ongoing bearish scenarios.
During the recent MENA Summit 2019, Michael Novogratz, a Partner at Galaxy Digital, along with several other tech luminaries, spoke about the future of Bitcoin and the impact of China and the trade talks between Donald Trump and Xi Jinping on the cryptocurrency market.
Amanda Stavely from PCP Partners spoke about how major institutions were working to set up trading desks within the organization, while the the Bitcoin ETF was seen as a positive sign. Other members of the panel were not equally upbeat about the field of digital assets however, as Todd Boehly, Chairman at Eldridge Industries said,
“I worked really hard for my dollars and I don’t think Bitcoin is for me. Bitcoin is not even an institutional product yet and there are so many who have invested in the digital asset with the issue of transparency being a main cause for concern.”
Bitcoin Bull Michael Novogratz posed a contrarian view to Boehly, and laid down facts about Bitcoin adoption. Novogratz stated that investors in Yale, Stanford and Harvard were already part of the cryptocurrency field, which in itself was a boost to the field. In his words,
“We are starting to see progress in the field. If we take a sample space of 500 institutions at least 20 percent out of that total will be focused on cryptocurrencies and building applications on top of it.”
Novogratz further opined that tokenization was coming, which meant that a lot of other assets will have a new wrapper on it. He also claimed that there will be easier accessibility and transferability in the future.
Earlier, during the same conference, Novogratz had touched upon the drawbacks of traditional markets. He said,
“One of the real reasons everybody should have one percent of their portfolio in Bitcoin are these reasons. Bitcoin is becoming a digital gold and really the only crypto that has value just because it does. It is the hedge against these Minsky Moments…”
“If we start having a real financial crisis, the breakdown in trust in government securities, then it’s going to skyrocket ’cause it really is hard money… it’s going to replace gold.”
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