Rise of the crypto market to $800 billion: Mike Novogratz
The rise of Bitcoin price past the $8,000 mark, from the lows of $6,000, has set the bullish trends on the crypto market. Mike Novogratz, an ex-wall street professional and bitcoin proponent, believes that the cryptocurrency market will hit $800 billion market capitalization within the next 12 months.
Novogratz, in an interview with the CNBC Africa’s Crypto Trader at the Beyond Blocks Conference in South Korea, pointed out the difference between the crypto market in December 2017, which followed the crypto market crash, and the current time period.
“I think we’ve pretty much bottomed. I’m not positive we’ve bottomed but it feels like we have. But I do think that we are building a nice bottom for the next move up,” Mike commented, highlighting that the market will further accelerate as it comes under regulation and surveillance.
On being asked about his optimistic comment, he pointed out that cryptocurrency is a long-term market and is being accepted gradually. Individuals and institutions are embracing crypto; more people are attending crypto conferences and executives are leaving their secure jobs to join crypto businesses. More than ever, institutional money has been flowing into the pipeline via the venture capitalists.
Emphasizing the importance of regulatory aspect once again, Novogratz highlighted that once the big names such as the Goldman Sachs enter the picture, it will be self-convincing for the investors and individuals to adopt cryptocurrencies.
Novogratz has been amongst the earliest investors in Bitcoin and one of the most eminent personalities when it comes to cryptocurrencies and blockchain. When he talks crypto, the world listens! Because of the market slump to a low of $300 billion in the first half of the year, Novogratz changed his prediction stating that the crypto market might not touch the $800 billion mark this year, however, it certainly will within the next 12 months.