Mike Novogratz (Mike Novogratz), the billionaire investor, who came to kriptonyte wall Street, said that before mass adoption of cryptocurrency and blockchain “is still another 5-6 years.”
As reported by the online edition of Blokt, founder and CEO of the first Bank criptionveterinary Galaxy Digital shared his vision of prospects of the market in the framework of the conference Beyond Blocks in South Korea.
“You will not see mass adoption until the service plan users will not be asked something completely new, and it’s still an issue 5-6 years,” said Novogratz.
Known for their frequent projections of cryptocurrencies, the banker stated that many institutions will come into the industry “over the next 2-3 years”:
“Without this, we will run through the circle.”
And yet, Novogratz believes that the wide adoption of digital currency and the technologies underlying them, preventing increasing “costs of technical talent” and doubt traditional investors. In particular, the situation with the latter is compounded by the “lack of clear precedent” in the history of the financial industry: well-known “brands in the financial services industry”, adapting the technology or cryptocurrencies are still very few.
“Think about how the institutional investors. It is not easy to tell the boss: “I keep money in places about which you never heard.” Need somewhere safe to store with a good reputation — Japanese Bank HSBC, or ICE, or Goldman Sachs — so institutional investors will be able to feel comfortable,” says the Novogratz.
According to the banker, while financial regulators generally focus on working with professional institutions, such as JPMorgan and Goldman Sachs, the industry increasingly relies on retail investors — that’s who you need to interact more actively.
The billionaire investor also mentioned that the mission of his Bank Galaxy Capital, which began operation in January of this year, is to “translate institutional investors on crypto”.
“Now when I meet a CEO or CIO, I wonder how much they know. Most have not yet made a first step to participation, but they are doing a great job,” said Novogratz.
He added, while leaders of traditional institutions have been slow in relation to the innovation sphere, many of their colleagues, mostly young, actively researching the topic, as if saying: “We want to participate.”
In turn, it is important the proper approach in the field of market regulation by the government. Mike Novogratz is confident that the world community has become closer to the blockchain will require a large degree of “understanding and transparency”, however, on the other hand, users are not required to understand the technical side of the issue in detail.
Listed by Forbes as one of the richest captainvalor, Novogratz has previously worked at Goldman Sachs and Fortress Investment Group. Last summer, the banker said that the capitalization of kryptonyte in the next five years will reach $5 trillion, and in the fall predicted growth rates of the leading cryptocurrency, assuming that the price of bitcoin (BTC) will soar to $10,000 by the end of the year, and Ethereum (ETH) is closer to $500. As you know, the totals exceeded twice named Novogratz numbers, however, soon fell and began to stick closer to his forecast.
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