Former Goldman Sachs partner says the cryptocurrency market cap will triple within the next 12 months.
Mike Novogratz, former Goldman Sachs partner and founder of the Galaxy Digital Asset Fund, says that it will take a little longer than he originally antipicated for the cryptocurrency market cap to reach $800 billion.
Originally, a few months back, Novogratz said that he expected the cryptocurrency market cap to reach $800 billion by the end of 2018.
However, the bear market was a little longer and a littler harsher than he originally expected and now moves his $800 billion target back by a few months.
Specifically, back by about 6 months.
Saying that within 1 year he fully expects the cryptocurrency market to surpass $800 billion in total capitalization.
Not only that but he also said the he thinks we have likely already hit a bottom as well:
“I think we’ve pretty much bottomed. I’m not positive we’ve bottomed but it feels like we have. …But I do think that we are building a nice bottom for the next move up.”
(Source: https://www.ccn.com/cryptocurrency-market-cap-will-hit-800-billion-in-12-months-novogratz/)
Why is the cryptocurrency market going to triple within the next year?
Institutional money.
Novogratz says that they are just now starting to dip their toes in and they will much more aggressively once we get some clearer regulations in place and better custody solutions.
The one offered by Coinbase is ok, but it's not good enough according to Novogratz.
We need one offered by someone like Goldman Sachs, then the institutions will really start to flood in.
According to Novogratz we will see FOMO again, but this time by institutions:
"It’s not there yet, there’ll be a tipping point. Modern-day pension funds will come first and then all of the others will follow."
(Source: https://www.ccn.com/cryptocurrency-market-cap-will-hit-800-billion-in-12-months-novogratz/)
Sounds good to me!
Though, keep in mind he keeps mentioning the total market cap, which may have drastically different coins near the top a year from now.
Hopefully Steem is one of those coins that solidifies its place in the world, but it needs to start acting now while it still has some first mover advantage.
Specifically it needs to get some development done and it needs to do some major marketing and advertising. Neither of which much has been done to date.
Stay informed my friends.
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