Billionaire investor Mike Novogratz (Mike Novogratz) believe that the total capitalization of the cryptocurrency market will reach $20 trillion, but it will happen soon. He stated this in an interview with Bloomberg at an investment forum in new York.
According to Novogratz, there is no reason to speak of a “bubble” in the cryptocurrency. What happened at the end of the year, the price surge of the cryptocurrency he compared with 1996, in the history of the dot-com bubble. Bubble Internet companies burst in 1999, when the capitalization of $6 trillion fell to $1 trillion, he said Novogratz.
Cryptocurrency market is recovering from the primary correction in mid-2018. It will surpass the previous ceiling to aspire to a level of $20 trillion, according to a former Manager Fortress Investment Group.
“Cryptocurrency is a global revolution. The Internet bubble — it was an internal thing US, it was wealthy Americans. A cryptocurrency is a global. In Bangladesh, kids buy coins. He [the stock market] is huge in Tokyo, South Korea, China, India and Russia. We have a global market and a global mania. It will look like a bubble when it will cost $20 trillion,” said Mike Novogratz.
He stressed that such growth is possible only with the arrival on the market of institutional investors, and this, at least, medium term — while they only marked interest. Peak value of last December was provided to retail investors and traders is a single parent, said Novogratz.
“He won’t reach $20 trillion immediately. Know how will it happen? One of these fearless pension funds will say, we have a custodial service, we are supported by Goldman Sachs, according to Bloomberg we can track performance. And they buy [cryptocurrency]. And then buy the second Fund is going to work the same syndrome loss of profits that you have seen from retail investors,” concluded Mike Novogratz.
We will remind that earlier the investor was marked by bold short-term prediction for quotes bitcoin — $40 thousand by the end of this year. Last year Novogratz announced plans to launch a cryptocurrency hedge Fund with $500 million But subsequently abandoned this idea in favor of the flagship cryptocurrency Bank has successfully collected on this $250 million investment. But the billionaire had to postpone the launch of the Bank in July because of problems with regulators.