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Bitcoin [BTC] proponent Mike Novogratz predicts the transition of BTC into ‘digital gold’

Namrata Shukla

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Bitcoin [BTC] proponent Mike Novogratz predicts the transition of BTC into 'digital gold'
Source: Pixabay

According to Galaxy Digital Holdings Ltd. founder Mike Novogratz, Institutional money should start to flow in this market within the next year. The founder in an interview with Bloomberg said:

“All the architecture that institutions need to feel comfortable with this is being put in place. You’re going to start to see custody come online” by the middle of March, making way for “smart money” make an entrance in a serious way.”

Once there are custody solutions form the likes of Fidelity, multinational financial services corporation, institutions could start to enter the digital-asset space. As per the publication, Novogratz informed that Fidelity has 200 or 300 customers interested in investing in crypto. However, he warned that not all money managers would run in at once because people would like to test the waters before engaging capital.

As per the former hedge fund manager and Goldman Sachs Inc. partner, in the coming 12 months, there are going to be “institutions put a small amount of their assets” in digital currencies.”A small number of institutional assets is a lot of money,” informed the crypto enthusiast who once was a high-profile Wall Streeter.

Novogratz said that this flow will set the stage for a rally. He added that this flow will take Bitcoin to $80,000, versus the price of around $3,582 as of 8:30 a.m. in London. Bitcoin [BTC], the largest token in the cryptocurrency market had peaked till $19,000 in December 2017 after which it miserably fell and bottomed at approximately $3,136 in December 2018.

Novogratz also speculated in the interview by the publication that the next runup could possibly separate Bitcoin out from a lot of other cryptocurrencies, repeating himself that Bitcoin is going to become “digital gold”.

At press time, Bitcoin [BTC] was valued at $3,617.93 with a market cap of $63.4 billion. The coin reported a 24-hour trading volume of $6.5 billion while noting a fall by 0.40% in the past day and 0.37% in the past hour.



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Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.

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