Galaxy Digital founder Mike Novogratz in a conversation with Bloomberg expressed the view that in March this year will begin to run custodial solutions for cryptocurrencies, which will pave the way to institutional money.
“It creates all the necessary architecture to ensure that institutions feel comfortable”, — said Novogratz.
He stressed that in early spring there will be visible signs of the emergence of “smart money”. According to him, only at the investment company Fidelity has 200-300 customers who are interested in investing in bitcoin. But he noted that big capital will enter the market gradually, since the “whales” tend to care.
“Over the next 6-12 months you will see as institutions begin to invest a small amount in digital currency — shares the opinion of cryptoanalysis. — A small amount of institutional funds is a lot of money”
The increase in demand will inevitably affect the price — thanks to institutional money bitcoin price will reach $8000, I’m sure Novogratz. After that, being “digital gold” bitcoin will become even more stand out against other cryptocurrencies.
Speaking about the protracted “kryptonite”, the founder of Galaxy Digital said that the past year has shown “how painful it may be bursting bubbles”. Now that the madness of retail investors is gone, and with it the inflated prices of thousands of digital assets, the industry is prepared for a structural shift from a “people’s revolution to institutionalization”.
We will remind, earlier the head of Pantera Capital Dan Marched expressed the view that market participants do not need to worry about “endless kriptimi”, since the growth of bitcoin will serve as a trigger for the arrival of institucionales.