Michael Novogratz continues to pound the table on institutional capital itching to find its way into cryptocurrencies. As custody houses mature and global investment banks begin to follow offering clients not only trade desk services, but the ability to hold crypto and crypto products within their ecosystem – the crypto markets will mushroom.
In an interview with CNBC Africa’s Crypto Trader at the Beyond Blocks Conference in South Korea, Novogratz talked about the difference between the cryptocurrency market in December 2017 and now.
“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,” said Novogratz, “I believe that it will be accelerated after the addition of custody and better regulations.”
As the noise connected to cryptos has made its way into the hallowed halls of family wealth offices, hedge funds of scale, private equity, venture capital, and billionaires looking for their next ‘I Told You So’ bet – the crypto bear market has stalled and began to turn.
Novogratz’ comments at the Beyond Blocks Conference confirmed this reality and highlighted that the urge to grab crypto assets ‘at the bottom’ is tickling the itchy trading fingers of some of the worlds largest investors and institutions. The same names and business cards that wouldn’t touch cryptos at the top (2017) are quietly accumulating positions and are inching ever closer to proclaiming the scale and nature of those positions; if they haven’t already.
Novogratz remains a leading indicator in the space. Yet his roots were fostered on Wall Street, so he knows of what and who he speaks. Listen to what he has to say and understand that there are gears quickly moving to establish crypto architecture within the Wall Street echo chamber.
It is happening, everywhere. If you haven’t already, BTFD.