Input your search keywords and press Enter.

Mike Novogratz Believes That Institutional Investors Will Enter in a Year

mike novogratz

One of the things that a lot of crypto observers ask is when will Bitcoin bottom? There are speculations that it can reach below $3,000. For others, they are even bracing themselves for Bitcoin to return to $1,000 range. But for Mike Novogratz who is the former chief executive officer of Galaxy Digital, he believes that Bitcoin may have hit equilibrium. He said that “Could it go down? Of course it could; all markets could go either way, but it feels like we’re…grinding along at the bottom and the next move will be significantly higher”.

Over the last month, though Bitcoin hasn’t recovered yet, it has remained somewhat stable. And also, though there are forecasts that institutional investors are looking to launch crypto-related products. there are those who are not overly optimistic. In fact, there are commentators saying that it could be a short-term boost to take Bitcoin around $3,000 and then it will drop once again.

There have been multiple attempts to have a Bitcoin ETF only to be shut down by the Securities and Exchange Commission. In the past few months, Jay Clayton who is the agency’s chairman reiterated their position that the SEC is concerned regarding the possibility of price manipulation. Unlike in the stock market, crypto exchanges don’t use surveillance tools that could track the possibility of price manipulation. And now, it seems that the agency is taking its time before it approves a Bitcoin ETF.

When is The Next Bull Run?

For Mike Novogratz and Barry Silbert, the next bull run could potentially be sooner than what people think. For Barry Silbert, he said that “As far as I’m concerned, bitcoin has won the race to be digital gold”. He also added that “I’m convinced that whatever money is in gold is not going to stay in gold”.

For the next bull run, Novogratz believes that institutional investors are going to enter the market within the next year. He believes that it could potentially get the price of Bitcoin up again. He mentioned that “A small amount of institutional assets is a lot of money”. In the next 12 months, Novogratz sees Bitcoin to reach $8,000.

Regulatory Clarity

Regulatory clarity has been the reason for the bearish market. Regulators have been concerned over the possibility that cryptocurrencies can be used for money laundering and for tax evasion among many other illicit activities. Also, there are those scams. The US Securities and Exchange Commission even fined undefeated boxer Floyd Mayweather and DJ Khaled for promoting unregistered securities.

The bear market has been called a crypto winter mainly because of the $400 billion wiped out from the entire crypto market cap. And so far, adoption still hasn’t happened due to regulatory obstacles.

The Future is Still Bright?

There are still those who are hopeful that Novogratz is actually correct in his prediction this time around. Morgan Creek Digital claims that it is going to have its first crypto asset investment from a US pension fund. Also, if you will look at the fundamentals, the number of Bitcoin transactions are up.

Is it time to buy Bitcoin and wait for the next bull-run? Or should you still wait a bit and wait for it to bottom?

 

John Jayme

John is a crypto investor, enthusiast and copywriter. He is in charge of daily news and other emerging trends in blockchain technology.

Leave a Reply

Your email address will not be published. Required fields are marked *


Notice: Undefined variable: font_family in /home/cryptocurrency35/public_html/news/wp-content/plugins/gdpr-cookie-compliance/moove-modules.php on line 282