Mike Novogratz On Financial Institutions Entering The Crypto Market: Bitcoin Will Spike In 2019
Mike Novogratz Says That Financial Institutions Will Come On Board And Crypto Market Will Spike In 2019
Mike Novogratz, a former partner of Goldman Sachs and the founder of Galaxy Digital, expressed optimism in cryptocurrency, saying that the market will eventually spike in 2019 after financial institutions come on board.
According to Novogratz, the bearish trend being experienced now will not last for long, and that a flip is around the corner. In his opinion, this year has been very challenging for the cryptocurrency market.
Starting A Crypto-Focused Business A Challenging Endeavour
Because of the plunging prices of most cryptocurrencies, Novogratz agrees that starting a crypto-focused business could be a real challenge now. There has been a lot of anxiety among investors because of the dwindling market prices, with many of them seeing any kind of investors in the sector as a draining affair.
Cryptocurrencies See A Big Hit In 2018
2018 hasn’t been the best year for cryptocurrencies as most coins have shed double digit percentage since the previous peak of 2017. Bitcoin in particular managed to briefly trade at $20 in December 2017, but started showing bearish signs in early 2018. Overall, the digital currency has shed off a whopping 80% trading below $3k.
Institutions To Rescue The Ailing Cryptocurrency Market
Even though the cryptocurrency market appears to be plunging every day with no much hope of recovering soon, Novogratz believes that 2019 will be a great year for the market. According to him, big names in the finance sector will enter the cryptocurrency space in the first quarter of 2019. The new money will help the ailing cryptocurrency market, seeing it gain tremendously.
Novogratz also believes that there will be a notable flip next year following a major bull run of the cryptocurrency market.