Founder and chief executive officer at Galaxy Digital, Mike Novogratz, recently appeared on Bloomberg TV to discuss crypto and Bitcoin. Acknowledging the crypto crash, he remains bullish and expects another rally to come soon.<\/p>\n
The main focus of the interview<\/a> was the involvement of major institutions in the crypto space. Novogratz stated that all the architecture that institutions need to feel comfortable investing in digital assets has already been put in place. He added that they are already starting to enter the space through venture funds now that the retail frenzy has ended. Specifically mentioning Yale University and that where they go, people follow.<\/p>\n Fidelity<\/a> custody solutions were mentioned in addition to Bakkt which will start to come online within the coming months. This would be considered as a \u2018turnkey moment\u2019 which will open the doors to a raft of new institutional investment. Over the next twelve months he expected to see institutions start putting a small amount of their assets, which in itself is a lot of money, into crypto.<\/p>\n When asked about where prices would go for the rest of the year Novogratz said that things will not surge as they did in 2017 but grind back up with $8,000 not being too high a target for Bitcoin<\/a>.<\/p>\n \u201cIf 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,\u201d<\/p><\/blockquote>\n He added that gold needs protecting citing Fort Knox as an example but this does not need to apply to all other cryptocurrencies as every blockchain doesn\u2019t need the same level of security.<\/p>\n Novogratz is not alone; the sentiment has been echoed by Anthony Pompliano, founder and partner at Morgan Creek<\/a> Capital;<\/p>\n This morning our team at Morgan Creek Digital announced a new $40 million crypto venture fund anchored by two public pensions.<\/p>\n The institutions aren\u2019t coming. <\/p>\n They\u2019re already here. \ud83d\ude80<\/p>\n — Pomp \ud83c\udf2a (@APompliano) February 12, 2019<\/a><\/p><\/blockquote>\nPompliano in Agreement<\/h2>\n
\n