Mike Novogratz's Galaxy Digital will soon be branching out into tokenized real estate and other assets, according to Bloomberg. At an event in Toronto, he claimed that "while it feels like a crappy bear market, and it has been in coins, underneath it there’s all kinds of positive things".
Galaxy Digital is one of the main crypto investment funds, and it is leading the way in terms of insitutional money entering the crypto space, recently partnering with Bloomberg to offer the Bloomberg Galaxy Crypto Index.
Novogratz has repeatedly made highly speculative and optimistic predictions about the future of the cryptocurrency market, including a claim that we will see Bitcoin (BTC) hit $20,000 by next year. His faith in his own "30 percent surge by the end of 2018" prediction may now have been shaken a little, even more so after this week's crash went against his call that BTC had bottomed out at around $6.5k last month.
Read more: Mike Novogratz predicts Bitcoin could hit $20,000 next year; Novogratz: Bitcoin will rally 30% before the end of the year; Has Bitcoin hit a low for the year? Novogratz calls a bottom (again)
However, despite the poor performance of crypto tokens, he still sees a hugely positive future in the underlying blockchain technology and the potential of tokenized assets. Real estate is one particular asset that is a promising use case for digital tokenization, and he claimed that we will soon be seeing companies using blockchain to more efficiently split ownership of land and buildings between different investors. "It’s not nearly as sexy as Web 3.0", he said. "But it’s a part of this broader movement of tokenization, digitalization in blockchain and the blockchain makes a lot possible."