bitcoin dc forecasts news

One of the most popular cryptocurrency believers and a well-known bull, Mike Novogratz, appears to be confident in the future of digital currencies. As he told Erik Schatzker at the Bloomberg Invest Summit in New York this week, the cryptocurrency market is slowly moving to the $20 trillion region.

The billionaire investor and former Goldman Sachs and Fortress trader was asked about the criticism from the skeptics regarding the rapid movement of the valuation of the crypto market – and the bubble-like trend that is happening in early 2018.

As his response, Novogratz stated that the market will rebound from its major correction in the middle of 2018 – and will also surpass all of the previous all-time highs to reach a $20 trillion market valuation.

According to Novogratz:

“[Cryptocurrency] is a global revolution. The internet bubble was only a US thing. It was rich US people participating. [Cryptocurrency] is global. There are kids in Bangladesh buying coins.
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It is monstrous in Tokyo, in South Korea, in China, in India, and in Russia. We’ve got a global market and a global mania. This will feel like a bubble when we’re at $20 trillion,”

For Novogratz, $20 trillion is not a number that comes easy. However, he is well-known as an optimist and as one of the few analysts that predicted the $20,000 Bitcoin rise in 2017. As he explained:

“It won’t go there ($20 trillion) right away. What is going to happen is, one of these intrepid pension funds, somebody who is a market leader, is going to say, you know what? We’ve got custody, Goldman Sachs is involved, Bloomberg has an index I can track my performance against, and they’re going to buy. And all of the sudden, the second guy buys. The same FOMO that you saw in retail [will be demonstrated by institutional investors].”