Mike Novogratz, the owner of Galaxy Digital, has recently talked about the crypto market. According to him, the institutions will really enter the market when the prices start to rise again. He believes this because he is already seeing how they are slowly entering the market.
The trader affirmed that mainstream adoption is slower than many people tend to think, so they need to be slow but affirmed that it was a certainty that they would eventually enter the market.
Novogratz also affirmed that it could take five to six years before the crypto market would really start to affect the lives of everybody. The bull run of 2017 made people see the market in an unrealistic way and make them believe that the revolution was just around the corner when a change takes time.
He also compared cryptocurrencies to Peloton Interactive. This company is promoting its Initial Public Offering (IPO) this week, but it prepared for eight years before it reached this point. Novogratz was one of the seed investors and he compared both investments to show how it may take time until something is ready to finally achieve its potential.
Despite the “slow” adoption, Bitcoin is still around 200% up this year. Not a bad result. There are several factors that are still in the way of mainstream adoption, for instance, regulation. In any case, Bitcoin is generally faring better and we’ll probably see better results soon if are to believe Novogratz.