Founder and chief executive officer at Galaxy Digital, Mike Novogratz, recently appeared on Bloomberg TV to discuss crypto and Bitcoin. Acknowledging the crypto crash, he remains bullish and expects another rally to come soon.
Bitcoin Will Become Digital Gold
The main focus of the interview was the involvement of major institutions in the crypto space. Novogratz stated that all the architecture that institutions need to feel comfortable investing in digital assets has already been put in place. He added that they are already starting to enter the space through venture funds now that the retail frenzy has ended. Specifically mentioning Yale University and that where they go, people follow.
Fidelity custody solutions were mentioned in addition to Bakkt which will start to come online within the coming months. This would be considered as a ‘turnkey moment’ which will open the doors to a raft of new institutional investment. Over the next twelve months he expected to see institutions start putting a small amount of their assets, which in itself is a lot of money, into crypto.
When asked about where prices would go for the rest of the year Novogratz said that things will not surge as they did in