The founder and head of Galaxy Digital Capital Management, Mike Novograd, talked about the future of Cryptocurrency at Bloomberg Invest New York. The main themes that Mike Erik Schatzker interviewed were:
We are still in the starting stage of the Crypto Revolution called "Internet 3.0"; He believes that in 15 years we see a completely different blockchain.
Ethereum, which is one of the leaders of the Cryptos, is only 3 years old. If we look at the present trading market as a three year old child, it will be unwise to demand the quality of the doctor.
For almost 15 years, almost every database will use blockchain. As he says, some of them can be a private blockchain, but the main issue is to use blockchain technology because "it's more effective in organizing data."
In the last few years, about 98% of retailers have come from retail traders; Institutional investors were not involved. There is no need to understand "Tokenomok". According to Mike, "the peak of stupidity", when famous faces such as Paris Hilton began to play the ICOs. Consequently, the trade has grown and expected to be calm.
In order to earn money in the next phase of trade, you need to know how coins are working and you just do not have to invest in all ICOs.
Although the majority of existing blockchains are not fast enough, many young and talented computer scientists are working around this world and Mike is confident that the problem of scaling will soon be solved.
According to him, EOS is growing rapidly and it will become "the first fast blockchain".
He does not think it is the best way to use crypto to replace paper money because he thinks the state does not want to lose control and try to prevent it from regulating. Instead, he is interested in new projects that are planned for several years and include destruction of centralized businesses such as Uber and AirBnb. For example, he wants to imagine a decentralized barrier.
Different institutions are gradually agreeing to it and this is the basis for four things.
First, we have developed new cryptographic indicators (such as "Bloomberg Galaxy Crypto Index"). We should remember the past when mainly the indexes are based on the involvement of institutions. For example, consider what happened in 1962 after the release of "S & P 500 Index" or in 1992 when Goldman released the Goldman Sachs Commodity Index.
Secondly, institutions need a secure network of large trusted firms and, although some of them have just been announced, it will still help if the recognized members of the defense as "State Street" will move to this space. Michael believes that a considerable number of recognized members is looking for a way to get to the crypto space.
Thirdly, Mike's opinion is that the regulations will not last long because he does not believe regulators such as the SEC want to hook up innovations; They simply want to protect the retailer's investors from fraud and trade manipulations.
Fourth, the same FOMO (Fear of Missing Out), which has attracted retailers, will gradually attract institutional investors.
On investing in crypto projects, he says: "The coin needs to work for the coin. Therefore, we will create societies and connections if we have the opportunity. "
Finally, for those who think that we are in the bubble bubble, he says that the common cryptos trading market included about 1.2 trillion US dollars in January this year. As soon as institutional investors get involved, these 1.2 trillion dollars seem to be a little rarity and we will not be surprised when the value of the Crypto trading market (though not too fast) will reach $ 20 trillion.
source: https://goo.gl/BaZVCo
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