The Wall Street giant Mike Novogratz has once again spoken his mind on the leading cryptocurrency predicting that Bitcoin will move significantly higher over the course of 2019.
Novogratz is a well-known name in the cryptocurrency space for his wild speculations on the market and on Bitcoin. Novogratz is an ex-hedge fund manager, formerly of the investment firm Fortress Investment Group. He is most known for being the CEO of the crypto bank Galaxy Digital.
Novogratz has recently weighed in on the current state of the cryptocurrency market saying that Bitcoin is grinding along at the bottom but the price has the potential to move significantly higher.
Even though there was a lot of carnage in 2018, Novogratz claims that the recovery is underway because of the transition from retail to institutions. A good example is Yale’s, David Swensen who is one of the most inspirational endowment fund managers around the globe who invested in crypto funds back in November. Meanwhile, though the architecture that is required for institutions to work comfortably with Bitcoin is being put in place.
He states that there are around four or five decent custody solutions but we will see more institutions getting involved in crypto throughout this year. Novogratz previously claimed that the lack of proper custody is the major thing to block institutional investment.
“Novogratz is certain that Bitcoin is not going to bubble, and its future rise to the top will be smooth and steady. People will learn to differentiate between Bitcoin and other currencies. Notably, Twitter CEO Jack Dorsey also recently praised Bitcoin as the only viable cryptocurrency.”
Novogratz has drawn the comparisons between both Bitcoin and gold which is claims that the leading cryptocurrency is digital gold which is a good example of a store of value. Unlike any fiat currency, Bitcoin is sovereign money that is decentralised from the government and so is not controlled by it.
Nevertheless, a recent JPMorgan report shows that Bitcoin isn’t the best choice for a hedge asset because it is so unstable and volatile.
At the current time of writing, Bitcoin is priced at $3,633 after experiencing a 0.22 percent increase over the past 24 hours. In addition, the market cap for the leading cryptocurrency is $63,710,907,900 at the time of writing too.