Elite Bitcoin Investor Mike Novogratz: “It Will be a While Before Crypto Starts Rising Again”
Perennial crypto bull and former Goldman Sachs partner Mike Novogratz recently took to Twitter to rant about how the crypto market is currently in a bad state and how it would take at least “a few more months” for this sector to recover and return to its past performance levels.
Realizing having tweeted about crypto in a while. It’s a grind. Don’t think we head north for at least a few more months. Always take longer for institutions to move. Very confident they will. Tons of activity under the hood. Stay the course.
— Michael Novogratz (@novogratz) February 1, 2019
Elaborating further on his latest stance— which has historically been one of pure optimism— Novogratz stated that it has taken big-name financial institutions a bit longer than expected to enter this burgeoning domain.
In this regard, it is worth remembering that crypto centric products such as Bakkt, the VanEck/SolidX Bitcoin exchange-traded fund have yet to see the light of day. Not only that, most of the institutional products and platforms that were slated for release by the end of 2018 have been delayed for some reason or the other— primarily because of certain regulatory issues that have continued to plague this burgeoning industry.
With that being said, Novogratz is still quite confident that as we move into the future, established Wall Street Personnel as well as established banking institutions will definitely flock to this space.
‘Cosmos’ is on its Way to the Market Soon
In addition to talking about the future of the crypto market, Novogratz also went on record to state that the projected launch of blockchain platform ‘Cosmos’ could be a game changer for the industry.
For those of our readers who may not be aware of Cosmos, it is essentially a smart contract/ DApp-centric blockchain project that has been in existence since the latter half of 2017 (but has yet to see the light of day).
During a back and forth on Twitter, Mike agreed with one of his followers who stated that the introduction of Cosmos could “single-handedly catalyze a bull run”. Not only that, the Galaxy Digital head then went on to reveal that he was one of the earliest participants in the Cosmos token sale event — a time when Ethereum (ETH) was being traded for just $35.
More on the Matter
Novogratz’s comments regarding Cosmos come at a time when legendary venture capitalist Fred Wilson also went on twitter to state that projects such as “Filecoin, Algorand, and Cosmos” could completely change the way in which the crypto industry works as we move deeper into 2019.
Not only that, the Union Square Ventures co-founder also believes that the coming few months are primed with promise for this burgeoning space— especially since Bitcoin now appears to be nearing its bottom.
In rounding off this piece, it is worth mentioning that Multicoin Capital’s Kyle Samani too believes that 16z crypto-backed Dfinity and Cosmos have the potential to shake things up and even challenge Ethereum’s position as being one of the world’s premier blockchain ecosystem’s by the end of this year.
It now remains to be see how the future of the two aforementioned platforms plays out from here on out.