Investor and billionaire Michael Novogratz thinks that Bitcoin is getting prepared for its next leg up.
CEO of Galaxy Digital Holdings Ltd. told he supposed it’s when institutions start coming in and that the bigger adoption by mainstream corporations takes longer than many thinks, but they’re slowly and steadily moving in.
Novogratz, who mentioned that his firm obtains BTC during pullbacks but has a core exposure that it holds onto, said that it could take another 5-6 years before crypto will impact people’s life.
He said that The crazy bull market in 2017 gave people unrealistic expectation on how fast the crypto revolution and the blockchain revolution are going to take place.
Mike Novogratz was one of the seed investors of Peloton Interactive Inc. and he said that it took them over 8 years to get to the point where the company is a home exercise startup that filed for an ICO. On the other hand, many cryptos have been active for much shorter periods of time, but Bitcoin is a finished product, which is why it’s outperforming altcoins this year.
Bitcoin has gained approximately 180% this year on expectations of wider mainstream acceptance, among other things. Altcoins have also gained, with tokens including Litecoin and Bitcoin Cash each more than doubling.
This year’s crypto rally is the latest swing in the volatile market for digital assets. Bitcoin tumbled 74% in 2018, after surging 1,400% the prior year. Many crypto evangelists are now holding out hope that regulators will give a nod to the staying power of digital assets by approving crypto-oriented products.