A popular figure in the crypto space is Galaxy Digitals Mike Novogratz who recently appeared on Bloomberg TV to talk about all things crypto related. Novogratz spoke about the crash but despite this, he is still bullish on the future and believes that another rally is just around the corner.
One thing that was rather interesting about what Novogratz spoke about was the involvement of major institutions in the crypto space. Novogratz said that because of the massive architecture of the industry, institutions need to be comfortable investing in digital assets that have already been put in place. In addition to this, he said that they are already starting to flood into the space through venture funds now that the retail phase has passed over.
Novogratz spoke about Fidelity custody solutions as well as the upcoming Bakkt which will start to launch over the next few months if everything goes to plan. As reported by NewsBTC, this is what you would call a “turnkey moment” which will open the doors to a batch of new institutional investors.
Over this next year, we believe that institutions will start to put a small number of their assets into the crypto space. Even though this is a ‘small’ amount, the considerable scale of these institutions wealth is still going to be a huge amount of money which will surely help bolster the crypto space.
The Galaxy Digital CEO said that things won’t surge like they did in 2017 but it is surely going to help boost the price up to around the $8,000 mark.
“If there are 118 elements on the periodic table only one gold is valuable just because it is a store of value. Bitcoin is going to be digital gold, a place where you have sovereign money. It is not US money, it is not Chinese money, [Bitcoin] is sovereign which as a currency should cost a lot.”
Pompliano shares these same views as Novogratz. The founder and partner at Morgan Creek took to Twitter earlier this week and said:
This morning our team at Morgan Creek Digital announced a new $40 million crypto venture fund anchored by two public pensions.— Pomp 🌪 (@APompliano) February 12, 2019
The institutions aren’t coming.
They’re already here. 🚀
This is extremely bullish news, something of which will help boost the market in the near future.