Galaxy Digital founder Mike Novogratz believes that a swathe of institutional investors is finally gearing up to fully invest in cryptocurrency markets.
Novogratz’ section of the talk was centred on the ‘macro case’ for Bitcoin. The former Hedge Fund manager is a renowned investor who became interested in cryptocurrency a few years ago before founding crypto-focused firm Galaxy Digital in 2018.
Over the past few years Novogratz has delivered some fairly bullish predictions for Bitcoin and the overall cryptocurrency markets. In 2017 Novogratz made headlines for his lofty price predictions of the preeminent cryptocurrency, but his $10,000 forecast for Bitcoin was surprisingly short as the cryptocurrency shot up over the $20,000 mark before a heavy correction a few days later.
At the time it was reported that Novogratz was also deeply invested in Bitcoin and Ethereum, having put around 10 percent of his life savings into the two cryptocurrencies. Novogratz reportedly invested in Bitcoin in 2013 when the cryptocurrency was worth $50 per BTC.
He was also an early investor of Ethereum, having bought into the smart contract blockchain platform during its initial coin offering.
The herd is coming
Given his history as an early adopter and investor in the cryptocurrency space, Novogratz has developed a reputation as a bullish commentator and trader in the crypto industry.
In 2017 he had made similar comments around mainstream financial institutions getting ready to make significant investments in cryptocurrencies. These comments were perhaps premature and driven by the booming interest in the space, but Novogratz is beginning to sing from the same proverbial hymn sheet once again.
“I kept saying the herd is coming. And I was wrong. It was so slow to come. Now the herd is actually coming. And I see it, I’m getting phone calls every day. And so it’s left me very bullish on the overall space,” Novogratz was quoted saying during the Bazinga Boot Camp talk on September 25.
Novogratz suggested that the recent investments into Bitcoin made by business intelligence firm MicroStrategy, to the tune of $450 mln, is close to being the catalyst that will lead to other mainstream businesses and institutions to begin making significant investments into cryptocurrencies.
The Galaxy Digital founder also predicted that Bitcoin could trade at $50,000 or more in the next few years.