The former hedge fund manager at Fortress Investment Group estimates that institutional investors will adopt Bitcoin over the next six months.
Mike Novogratz, the famous retired Wall Street fund manager, strongly believes that financial companies will start offering bitcoin as an investment option. So much so that he thinks it will become extremely easy to invest in Bitcoin, CNBC reports.
As simple as a phone call
Speaking at the 2018 Reuters Global New York Investment Outlook, Novogratz, which owns 10 percent of its bitcoin and ethereum assets, said:
"When it will be easier, the price of bitcoin or ethereum will increase. We are much closer to it than people think. "
Novogratz is now managing director of Galaxy Investment Partners, a company that focuses on cryptocurrencies. He said last month that Jamie Dimon, the CEO of JPMorgan Chase, was a simple "rent-taker" and he was going to lose his fight against digital currencies.
Novogratz the fervent defender of the Crypto!
Novogratz had strongly criticized Dimon, who said that "Bitcoin is a fraud," saying that as a banker, Dimon had no choice but to belittle the digital currency. Despite the many criticisms, trust in the cryptocurrency of the former hedge fund manager seems intact. He recently stated that the price of bitcoin would reach $ 10,000 within six to ten months. He also said that institutional investors have already started investing in bitcoin:
"The institutionalization of this universe is imminent. It happens quickly. "
Millions more in cryptocurrency
During the recent fall in the price of bitcoin, Novogratz would have bought for 15 to 20 million dollars in digital currencies. He is now focusing on creating what he hopes to be the largest investment fund in cryptocurrency.
In September, Bloomberg announced that Novogratz had launched its own $ 500 million crypto fund to invest in digital currencies, ICOs and companies in the cryptocurrency and blockchain industries. He has also invested $ 150 million of his personal money in the fund and plans to raise the remaining $ 350 million by January.
Novogratz firmly believes that in five years, the value of the global cryptocurrency market will be $ 5 trillion. However, for this to happen, companies will have to develop business principles that must satisfy regulators. At the time of writing this article, the total market capitalization of cryptocurrencies was more than $ 216 billion.