Michael Novogratz Predicts The Market Will Eventually Recover Amidst “Tons” Of Ongoing Developments
In 2018, the crypto market fell the hardest, and it’s expected to recover this year.
But most voices in the crypto space are not focused on the prices, but mainstream adoption. And 2019 is expected to be the year of crypto mass adoption.
Novogratz says the market will eventually recover
Former Goldman Sachs partner Michael Novogratz made some interesting predictions regarding the future of the crypto markets.
He said that the market would eventually recover especially since there are so many achievements and ongoing developments these days.
He said that there are “tons” of developments that are going on “under the hood,” CryptoGlobe notes.
Novogratz is currently the CEO of Galaxy Digital Holdings Ltd. (GLXY), a New York-based company that’s focused on the digital asset industry.
He has recently purchased $5.5 million of additional shares of the merchant banking institution that he has founded.
It’s pretty impressive to note that Novogratz’s acquisition comes at a tough time in the crypto market when the prices are not necessarily showing signs of recovery.
He doesn’t believe that the prices will recover for a few more months, but he is confident that the market will get back on track eventually.
Realizing having tweeted about crypto in a while. It’s a grind. Don’t think we head north for at least a few more months. Always take longer for institutions to move. Very confident they will. Tons of activity under the hood. Stay the course.
— Michael Novogratz (@novogratz) February 1, 2019
Institutional interest is growing
Regarding the institutional involvement in the crypto space, he explained that institutions take longer to move.
Bakkt acquired $182,5 million in investment capital from investors who believe in the future of crypto, and these are some massive names: Microsoft’s venture capital division, Pantera Capital, Galaxy Digital, Horizon Ventures, CMT Digital, Protocol Ventures, among several others.
Back in 2018, Kelly Loeffler, the CEO at Bakkt, explained: “Bakkt’s focus is centered on driving institutional access for digital assets, along with merchant and consumer uses, and we’re already expanding on this vision, collaborating with great companies like Starbucks in these efforts.”
Bakkt’s official launch has been delayed due to the government shutdown in the US.
Ex-CMO of Intercontinental Exchange (ICE), Loeffler is now the CEO of Bakkt, a subsidiary of ICE, focused on increasing institution and merchant access to digital assets. Having launched its Bitcoin Futures in Sep 2019, Bakkt reached an all-time monthly high of $37M within the first month. Prior to her 15 years at ICE, Loeffler served on the Board of Directors for Georgia Power Company.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.