They still don't get it...
Mike Novogratz spoke to Bloomberg about cryptocurrency before a traditional banker audience, and the poll before the interview reveals that the audience, and central bankers generally, just do, not, get it.
Bloomberg asked it's audience:
Cryptocurrencies will be...
a) Bigger than the internet.
b) Disruptive, but mainly to traditional banking.
c) Something like digital gold.
d) A speculative fad with no intrinsic value whatsoever.
And perhaps you wont be surprised but they were torn between "fad" and "disruptive, but mainly to traditional banking".
Cryptocurrency is in it's Infancy:
Novogratz responded that cryptocurrency is very early days, he argues the 2017 crypto bubble was entirely funded by retail interest, and the exuberance around that market got ahead of the reality of use case and technological development.
He suggested we are now 18 months away from technological development and ready-made products with accepted use-case translating this market into its next stage.
Excitingly to me, and perhaps you, he explained the 2017 bull run was based entirely on retail investors, with absolutely no institutional money. And he went on to assert that we will see another bull-run as the institutional money comes in, and it will, and again this market will bloom to new highs.
Novogratz is long on utility tokens, particularly those who can build communities:
After the poll Novogratz tried to convince those listening how mistaken they were, urging them to take this market seriously, not just for banking, but across a broad range of arenas, referencing:
- Ethereum
- EOS
- FunFair
- Augur
- Golem
Opportunity for Utility Tokens: The Advantage of Decentralization
And suggesting that Uber was one example of how decentralization could turn current markets on their head, saying Uber is an excellent example of how decentralization could improve traditional business, they charge 25-30% for their service and all that profit can be saved. Decentralization needs more time, he argues perhaps 2 to 4 years but its coming for sure, he says.
The entire interview is worth your time, if you are interested in better understanding what the traditionalists, those currently in power, think about cryptocurrency.
And what Novogratz said to them:
"I think you have to understand the big picture, that there is a computer science break through that has changed how we will all do databases, every single database, or almost every single database, fifteen years from now, will be a blockchain."
-Novogratz
Bloomberg | Novogratz Talks Cryptocurrencies and Regulation
My Thoughts:
Say what you want about Novogratz but he is heard by serious institutional members and his eagerness is meaningful to those audiences. Novogratz is clear that wide scale adoption is coming and when he likens it to the value appreciation that has been seen on commodities, like Gold and Silver, and says, we can expect the same here with cryptocurrency, and I completely agree.
Cryptocurrency is not taken as seriously as it ought to be currently. Traditional bankers in many cases reject the future of this industry, but they are mistaken. They will see and will regret their hesistation.
We are in early days, and you and I should continue to remain confident in our investments and educational efforts within this sphere. What you have learned about crypto so far puts you at an advantage over most people, use that knowledge, find your favourites and invest as you see fit, when you see fit, and within your means.
This is why I am buying Steem as it dips, powering up, and working hard to grow my Steemit account. I believe this community will grow and this token will thrive, particularly as institutional money comes into this space.
I hope you enjoy the content, if so leave a comment, I'd love to open a dialogue with you. Have an awesome day, and many blessings to you.
