Mike Novogratz, ex-Goldman Sachs partner and founder of Galaxy Digital, has said that he expects cryptocurrency to “flip next year” in an interview published by Financial Times (FT) Nov. 23. During the interview, Novogratz said that “this year has been challenging” for Galaxy Digital – a company that he hopes will become “the Goldman Sachs of crypto” – adding that “it sucks to build a business in a bear market.”
According to FT, Novogratz predicted that financial institutions will transition from “investing in cryptocurrency funds to investing in cryptocurrencies proper in the first quarter of next year.”
As FT reports, Novogratz also predicted that cryptocurrencies will “flip next year” since “that’s when prices start moving again.”
FT also quoted Tim Swanson, founder of fintech advisory firm Post Oak Labs, saying that Novogratz was “trying to predict something that he has no influence over” whenever he says “something is going to happen with price.”
Swanson then added that many companies had tried to do what Galaxy Digital is doing currently without much success, concluding “welcome to four years ago!”
The article also quotes an anonymous founder of a blockchain company saying that “one of the biggest problems in crypto is the lack of credible merchant banking” and that Galaxy Digital is “well placed to be the first to take advantage of new markets.”
According to FT, Novogratz said that “it’s easy to get sceptical but there’s something happening” after having pointed out cryptocurrency developments led by major figures in traditional finance.
Novogratz in particular cited the upcoming Bakkt, a digital assets platform created by the operator of the New York Stock Exchange (NYSE), and the digital assets management services for institutional investors recently announced by major investment firm Fidelity.
This week the Chief Commercial Officer (COO) of global crypto payment processor BitPay also stated that these two moves from the traditional financial sector will cause crypto’s next major prices action. The COO, Sonny Singh, ventured that Bitcoin (BTC) will hit $15,000 to $20,000 by the end of 2019.
Bitcoin is currently seeing new multi-month lows, down about 11 percent at press time to trade at $3,850. If you want to take advantage of these lows and want to enter the Crypto world, then BitFund is a great place to do that.
BitFund is a cryptocurrency investment platform:
They provide safe, easy, and compliant access to a wide range of cryptocurrency investments, through an offering of prespecified as well as customizable investment portfolios.
Simplified- Invest in a wide variety of cryptocurrencies on one single platform rather than multiple exchanges. Track your profits on one consolidated dashboard.
Secure- BitFund stores client cryptocurrencies securely offline in deep cold storage. No more risk of losing funds as a result of hacks and theft.
Rebalanced- Portfolios are rebalanced weekly keeping your exposure stable and tracking the market closely, saving you time and money.
Reporting- Track profits and performance and view detailed transaction reporting from your consolidated dashboard.
Why not do it yourself?
- Trading and keeping track of holdings and portfolio performance is difficult when dealing with multiple exchanges.
- Rebalancing a cryptocurrency portfolio is time consuming, expensive, and technical.
- High risk of losing funds due to exchange hacks and during complex blockchain transfers.
- Fundamentals of cryptocurrency investments are not understood: how and where to buy cryptocurrencies, safe storage of funds, as well as assessing risks
If you are new to investing in cryptocurrency or are looking to consolidate your existing cryptocurrency holdings into a portfolio, look no further.