Novogratz on CNBC: Feels like the bottom is in

23 Jul, 2018
by David Borman
News
Novogratz on CNBC: Feels like the bottom is in

CNBC's Crypto Trader posted a video today in which they interview Mike Novogratz, CEO of Galaxy Investment Partners, at the Beyond Blocks Conference in Seoul, South Korea. Amongst other things, Novogratz stated he believes we'll start seeing growth in bitcoin from here on, largely due to increased institutional adoption.

From the beginning of the interview, Novogratz seems pretty bullish on bitcoin, saying, "I think we've pretty much bottomed. I'm not positive we've bottomed but it feels like we have." When pressed as to why he feels such a way, he says that he has seen a broader public adoption as well as greater interest from institutions. He elaborates that what needs to change is more big, trusted names in the space and an architecture suited for large investors. He feels that soon some well established company may do a joint venture with a prominent crypto company (Coinbase, for example), and this could bring the confidence of big money into the market.

The interview goes on to ask about if and when "institutional FOMO" will set in. Novogratz recognizes, "it's not there yet, there'll be a tipping point." but shortly after adds, "we're getting there." He speculates that this shift will start in the next 6-18 months.

Near the end of the interview Novograts expresses his love for utility tokens, though he feels there will be coming regulations on how these tokens are sold.

Finally, he updates a prediction he had previously made on the market cap of crypto at the end of 2018 being $800 billion. He now says he feels it will be "lower than that."

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Read more about: Bitcoin (BTC)

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