The well-known Bitcoin advocate and founder of Galaxy Digital, Mike Novogratz, recently said that the cryptocurrency market capitalization won’t reach $800 in 2018 – but it will over the course of next year.
As Novogratz stated in an interview with CNBC Africa’s Crypto Trader at the Beyond Blocks Conference In South Korea, the crypto market cap may rise to this number within the next 12 months.
As he stated:
“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,”
When asked why he believes in this theory, Novogratz explained that cryptocurrency is being adopted gradually – and more people are attending crypto conferences and joining crypto-related businesses. According to him, many private institutions are also entering the market by investing in crypto companies via venture capital funds.
Novogratz noted that in order to attract more institutional investors, the importance of custody is paramount. In other words, once the investors see names like Goldman Sachs investing, they will be instantly convinced.
Aside from institutional investors, Novogratz also said that he is a fan of utility tokens, describing them as “the cooler projects” when compared to security tokens.
A few months ago, Novogratz was confident that the total market cap may rise to $800 billion by the end of this year. However, with the decline in the crypto market, he changed his prediction – and extended it to 12 months from now.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Discussion about this post