By
Steve Muchoki
April 19th, 2024
Mike Novogratz, CEO of Galaxy Digital, admitted that the crypto market would need more time to recover than he had predicted earlier.
Mike Novogratz, the billionaire and CEO of cryptocurrency merchant bank Galaxy Digital, has always had a very optimistic view on the future of cryptocurrencies.
In September, he predicted that further investments into the crypto market from institutional players would make Bitcoin reach its $10,000 mark by the end of 2018.
Nevertheless, in October he changed his mind a little bit, shifting his predictions and saying that the Bitcoin price would reach the above-mentioned target in 2019 already.
But now he has nothing else to do but to admit that the Crypto Winter is likely to last longer than he had predicted.
Exceptional Role of Institutional Investors
Though Novogratz now sees that the market won’t recover in the coming few months, he still insists that it will be institutional investors who will help to improve the situation.
He has even noted that the changes in his forecasts are related to the nature of institutional players and their necessity to spend more time to take a decision and make a step.
Realizing having tweeted about crypto in a while. It’s a grind. Don’t think we head north for at least a few more months. Always take longer for institutions to move. Very confident they will. Tons of activity under the hood. Stay the course.
— Mike Novogratz (@novogratz) February 1, 2019
Novogratz believes that the influx of institutional fund is one of the main factors that are needed for the recovery of the market. Moreover, it can become one of the main engines of the full-scale crypto adoption.
Maybe it sounds too optimistic but his confidence that it will finally happen (and happen quite soon) gives crypto enthusiasts a new portion of hope for the bright future of the market.
But there is another positive factor for crypto traders. It has been revealed that the block reward halving event for the Bitcoin blockchain network is scheduled to take place in May 2020. According to some experts, such a move is able to provide a positive push for the world’s major cryptocurrency.
Cosmos Will Come to the Market Soon
It’s also worth mentioning that one of Novogratz’s followers in his comment to the above-mentioned post expressed his hope that Cosmos would be launched soon and kick the start of the bullish market.
Let us remind that Cosmos is a smart contract/ DApp-centric blockchain project, though it appeared in 2017, it hasn’t been launched yet.
Novogratz reacted to the comment saying that he also hopes to see Cosmos as a game changer for the industry and admitted that he had invested in this blockchain platform in 2016 when Ethereum price was just $35.
Too Optimistic
Nevertheless, some other experts suppose that Mike Novogratz, as well as some other Bitcoin bulls like the Winklevoss twins or Dan Morehead, are too optimistic and too confident about the future of the market.
And there are some obvious reasons for their attitude: they have invested a lot of their own funds in the development and growth of the industry. That’s why they are extremely interested in ensuring its success.
Their positive stance can motivate a number of crypto enthusiasts to support the market, that’s why they are doing their best to convince others that quite soon the situation will change for the better.
Last month, Mike Novogratz, who had previously owned a 76.6% stake in Galaxy Digital, took a decision to increase his holdings to 79.3% and purchased an additional 2.7% of the shares for $5.4 million.