Mike Novogratz Says Bitcoin (BTC) Will Hit $20k Due To Institutions
Mike Novogratz said that institutional investors are seeing a crypto revolution coming.
The mass adoption of cryptos has been one of the most important goals that the crypto industry has set, and there have been made a lot of important moves in this direction.
The trend continues, and we’re getting closer and closer to achieving this important goal. Institutional players have a crucial role in all this.
Institutional investors are interested in crypto
Anyway, Novogratz believes that 8 out of 10 institutional investors will be invested in digital assets in the next five years. During a recent interview with Finance Magnates, Novogratz said the following:
“Besides Bitcoin becoming a proxy for gold, there’s a digital revolution going on, and payments are going to shift over time. There will be a ‘crypto dollar’, just like there’ll be a ‘crypto yuan’ and a ‘crypto euro’… I think every portfolio will have crypto in it…” he said.
He continued and explained, “Even the guys that aren’t in yet, they all realize that there’s an inevitability that we’re going to end up with a lot of crypto assets. It’s a question of when.”
The mass crypto adoption in the world of institutional investing may start with a change in the US regulatory landscape, as reported by the Daily Hodl.
Novogratz addresses the SEC
In another interview on CNBC’s The Exchange, Novogratz says the anticipated departure of Jay Clayton as SEC chairman will be good for the crypto industry.
Bitcoin investor and billionaire hedge fund manager @novogratz discusses the future of a $BTC ETF and why @SEC_News‘ Jay Clayton’s departure could be great news for the cryptocurrency with @KellyCNBC. pic.twitter.com/NYofhVXY5B
— The Exchange (@CNBCTheExchange) June 22, 2020
You may recall that under his watch, the SEC denied proposals for a Bitcoin ETF more than once.
“As crypto guys, we have been wanting somebody a little bit more engaged, a little bit more active, a little bit more forward-looking, and so hopefully, you know, there are plenty of good people out there,” Novogratz said.
He also explained that the US needs to act fast in order not to be left behind compared to other nations regarding digital assets adoption.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.