Michael Novogratz, one of the most important figures in the cryptocurrency world remains bullish about the future price of Bitcoin (BTC). But he explained that in order for Bitcoin to reach new all time highs, there are two important conditions that must be fulfilled.
Novogratz Bullish About Bitcoin
During the Beyond Blocks Conferences held at the Korea Blockchain Week, Novogratz talked with the crypto trader Ran Neuner. Both of them were sharing their opinions about Bitcoin and the future prices of virtual currencies. Other topics addressed were related to regulations, legal frameworks, adoption and more.
But Mr. Novogratz was very confident about the future of the space, as he has been in past occasions. He explained that Bitcoin has already bottomed, an opinion that other experts have on the matter.
“I don’t think we’re gonna race offI think a Bitcoin takes at 6,800 you get a nice little pump but I do think we’re really building a nice bottom for the next move up.”
Additionally, he said that he is focused on the fundamental factors behind these movements rather than in technical factors. The two essential elements that he takes into account and that will allow Bitcoin to grow exponentially are custody and the regulatory framework.
“I think the next move up is gonna need custody from a trusted source it’s gonna need a little regulatory clarity you know we won’t take out ten thousands without those two things because that’s what brings the institutional investors in but we’re gonna get there,” he stated.
This is clear, if institutional investors want to enter the market they need to be sure that their funds are safe within a recognized institution taking care of them. In addition to this, companies such as Nomura, Goldman-Sachs or Bank of America need to start getting involved in this space.
In addition to this, he said that he thinks that the bull market could start in the next 6 to 18 months. Furthermore, a total market capitalization could be reached in a period of 12 months.
At the moment of writing, Bitcoin is being traded around $7,000 dollars and has a market capitalization of $120 billion dollars. In the last 24 hours, the famous virtual currency has registered a loss of more than 5%.