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    Home»Blockchain»Crypto Institutional Investment Coming | So Says Mike Novogratz
    Blockchain

    Crypto Institutional Investment Coming | So Says Mike Novogratz

    February 13, 2019Updated:February 14, 2019No Comments2 Mins Read
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    According to a Bloomberg report, Galaxy Digital Holdings founder Mike Novogratz believes that crypto institutional investment will be coming by next year.

    If this were to be the case, digital coins would most likely rally significantly.

    Crypto Institutional Investment

    In an interview with Bloomberg Television, the crypto magnate said the following about digital currency, which he dubs ‘smart money’:

    “All the architecture that institutions need to feel comfortable with this is being put in place […] You’re going to start to see custody come online.”

    Crypto Institutional Investment Needs Custody Solution

    The movement would require “custody solution from the likes of Fidelity,” which, according to Novogratz, already has 200–300 customers interested in crypto investment.

    Custody solution for cryptocurrency is effectively the same as needed for fiat currency, whereby a brokerage or other financial institution holds securities on behalf of the client.

    But safeguarding digital assets is a bigger ask, as prices fluctuate wildly and coins are at risk of being hacked.

    But if the right custody solutions are in place as Novogratz suggests, then institutional investment could start happening in the digital-asset space.

    >> Coinbase Wallet Now Compatible with Google Drive and iCloud

    Start Small

    The likelihood is that some will enter tepidly with small amounts of capital, to see how it goes:

    “Over the next six to 12 months you are going to see institutions put a small amount of their assets.”

    However, as Novogratz explains, “A small amount of institutional assets is a lot of money.” It would only take a few smaller institutional investments to spur on a massive rally.

    Digital Gold

    The former hedge fund manager and Goldman Sachs partner has become one of the crypto’s most high-profile advocates. Believing Bitcoin to become the true digital gold, Novogratz suggested that Bitcoin is likely to hit $8,000 USD prices again if crypto institutional investment takes off.

    Bitcoin is currently selling for $3,631 according to CoinMarketCap. What do you think? Do you believe major institutions will begin to invest in cryptocurrencies? Is there a comeback on the horizon for Bitcoin?

    Featured Image: DepositPhotos © Ivantsov


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    cryptocurrency, cryptocurrency exchange, cryptocurrency mining, cryptocurrency list, cryptocurrency charts, cryptocurrency trading, cryptocurrency market, cryptocurrencies, crypto currency, cryptocurrency values, ryptocurrency definition, cryptocurrency news, cryptocurrency ranking, bitcoin, ethereumNext

    3 Altcoins That Have Potential To Be The Next Ethereum Or Bitcoin

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