Mike Novogratz, founder of crypto bank Galaxy Digital, expects the prices of cryptocurrencies to “start moving again next year.”
Mike Novogratz, ex-Goldman Sachs partner and founder of Galaxy Digital, has said that he expects cryptocurrency to “flip next year” in an interview published by Financial Times (FT) Nov. 23.
During the interview, Novogratz said that “this year has been challenging” for Galaxy Digital – a company that he hopes will become “the Goldman Sachs of crypto” – adding that “it sucks to build a business in a bear market.”
According to FT, Novogratz predicted that financial institutions will transition from “investing in cryptocurrency funds to investing in cryptocurrencies proper in the first quarter of next year.”
As FT reports, Novogratz also predicted that cryptocurrencies will “flip next year” since “that’s when prices start moving again.”
FT also quoted Tim Swanson, founder of fintech advisory firm Post Oak Labs, saying that Novogratz was “trying to predict something that he has no influence over” whenever he says “something is going to happen with price.”
Swanson then added that many companies had tried to do what Galaxy Digital is doing currently without much success, concluding “welcome to four years ago!”
The article also quotes an anonymous founder of a blockchain company saying that “one of the biggest problems in crypto is the lack of credible merchant banking” and that Galaxy Digital is “well placed to be the first to take advantage of new markets.”
According to FT, Novogratz said that “it’s easy to get sceptical but there’s something happening” after having pointed out cryptocurrency developments led by major figures in traditional finance.
Novogratz in particular cited the upcoming Bakkt, a digital assets platform created by the operator of the New York Stock Exchange (NYSE), and the digital assets management services for institutional investors recently announced by major investment firm Fidelity.
This week the Chief Commercial Officer (COO) of global crypto payment processor BitPay also stated that these two moves from the traditional financial sector will cause crypto’s next major prices action. The COO, Sonny Singh, ventured that Bitcoin (BTC) will hit $15,000 to $20,000 by the end of 2019.
Bitcoin is currently seeing new multi-month lows, down about 11 percent at press time to trade at $3,850.
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.