Wednesday, September 18, 2019

Michael Novogratz Predicts Bull Run For The Next Year, Institutional Money Coming Soon

The cryptocurrency market is sure a dynamic one; things just happen overnight, and usually, they come without warning, like the push that bitcoin and other cryptocurrencies got recently because of the Tether selloff that still keeps affecting the market. While the market has experienced several good news in the last month, it has mostly been moving sideways without reacting to the sentiment that these announcements have been trying to spread. That is why Michael Novogratz, a known cryptocurrency investor had previously predicted that bitcoin won’t get to $10k this year.

Michael told in an interview with Bloomberg this morning that he expects the next year to be a positive year for cryptocurrencies due to the institutional push that is occurring now with announcements from Bakkt and Fidelity. Bakkt is a newcomer, but it has also great support from institutions and startups that are betting into cryptocurrency going mainstream as an asset class, and Fidelity is an already known giant asset management and services company that will start to offer cryptocurrency services next year.

Michael believes that all of these offers would inspire trust to institutions and funds to finally get into the cryptocurrency van. The custody issue is one of the most difficult matters of investing in cryptocurrencies for big enterprises. But he thinks the fact that there are now multiple big names offering institutional grade solutions to the custody problem will clearly make risk assessment department consider cryptocurrencies as an interesting investment choice from now on.

But the big question is if this will really will convince institutions to invest in cryptocurrency finally. Michale seems optimist in this point saying that solving the custody problem is a big part of the equation. But reputable companies had already offered custody solutions earlier this year and that did not make institutions flock to crypto. Coinbase started offering this kind of solutions at mid-year, and few clients signed up.

Related Article:  United States Government Shutdown: Effects on the Economy and the Crypto Space

Michael is sure that if the institutions come to crypto we will see record number the next year. But even if the custody issue gets resolved, there is still plenty more to take care of. Volatility is one of the main concerns of most people, and this won’t be resolved anytime soon. Also, compliance and regulation are issues that need to be addressed in the near future. Without a clear regulatory framework is highly unlikely that serious institutions would put their money behind cryptocurrencies anytime soon. Still, a start is a start, and Novogratz is positive about what is coming for the crypto space for the next year.

More Articles

Crypto ATM In Switzerland Allows You To Sell Your...

Bitcoin Cash can now be easily availed in Switzerland as one major crypto ATM company in the country recently added BCH on...

110,000 Ghanaians Scammed of $25.7 Million in Cryptocurrency Ponzi...

Ghana’s Juaben town Member of Parliament, Ama Pomaa Boateng has advised people to be cautious while investing in cryptocurrency. According to her,...

Eight Cryptojacking Apps Discovered By Symantec On Microsoft Store

A report emanated from cybersecurity company Symantec Corporation on Friday, February 15th about the discovery of eight Windows Apps on Microsoft Store that focuses...

Analysts Believe Brexit Might be Bullish for Bitcoin on...

Bitcoin has been regularly lauded as capable of surviving a nuclear war, and it is no surprise that 62 percent of analysts...

Nouriel Roubini: “Central Bank Digital Currencies Will Kill Bitcoin”

Nouriel Roubini, also called Doctor Doom, is at it again. In a new article written on The Guardian, he gives his opinion about central...

Vitalik Proposes A Raise In Transaction Fees, Gets Backlash...

Vitalik Buterin, the co-founder of Ethereum network, proposes a new crypto wallet fees to the crypto community on the 8th of March via a...

Vitalik Buterin Gets the Brunt for Premines

The controversy surrounding premining does not seem to end soon, and it surely does not help matters that Vitalik Buterin, the creator of Ethereum,...

Hamas, Palestinian Islamic Group Pleads For Bitcoin Donation Amid...

The Palestinian Islamic group, Hamas pleads for Bitcoin donation amid crippling activities due to economic sanctions from Israel and the united states. The choice...

Ford and IBM Partners to Track the Supply of...

Ford, a U.S. based automaker company and IBM, a U.S. based computer hardware firm are partnering with reputable companies in the tech industry. Their...

South Korean Telecommunication Giant Launches Commercial Blockchain Network

The largest telecommunication company in South Korea, KT Corporation, has announced the launching of its blockchain based commercial network. The mobile carrier is integrating...

Google Co-Founder Admits Mining Ethereum At The Recent Blockchain...

Sergey Brin -- the ninth richest man in the world and one of the Google's Co-Founder -- admits that he is mining Ethereum at...

Philadelphia Bans Cashless Stores; May Threaten Crypto Industry

Just like what they say: good things must come to an end, and Philadelphia starts their process now. State Bans Cashless Stores According to the report...

Latest Articles

HMRC demands info on traders from crypto exchanges in...

Sygnum Becomes World’s First Licenced and Regulated Digital Asset...

Swiss-based Sygnum, a digital asset investment and solutions provider, has become one of the world's first licensed and regulated digital asset banks after receiving...

The Easiest Way to Pass Your Microsoft MCSA MD-100:...

If you try to think of things that don't use Information Technology in one way or another, it would be a very tough task....

Are Worries Over AI’s Effect on the Financial Jobs...

A recent study by Fountech has revealed that two-thirds of adults living in the UK are concerned that the Artificial Intelligence industry will leave...

Will Cryptocurrency Gambling Kill Land-Based Casinos?

It’s hard to deny that the internet has radically changed the gambling landscape. Sure, the common perception of gambling may still involve the glitz...

Why Some Financial Bubbles Are Necessary Economic Disasters

The history of the worldwide economy is punctuated by financial bubbles. They happen more often than we think.  Fortunly’s infographic below provides a comprehensive...

Microsoft 70-411 Exam: Everything You Need to Know

We can’t deny the fact that the world is moving towards the future faster than ever before. Not a day goes by that we...

Why US-based people can’t bet with bitcoins at online...

Online gambling using bitcoin has been happening since the time when cryptocurrency came into being. In the initial days, gamblers used to opt for...

Couple Pays For Breakfast Using Bitcoin, Community Finds This...

A Reddit user by the username u/portageco recently made a post in bitcoin's official subreddit. In his post, u/portageco boasts about how he paid...

Australian Woman Leads Adoption, Tours 10 Countries Spending Cryptocurrencies

Who says you can't go around the world spending cryptocurrencies? As many believe, cryptocurrencies are only good for speculations. But with a little research,...

Did A Physical Bitcoin Just Sell For $99k On...

As at the time of reporting, the listing on eBay had closed. This could be because the seller got a buyer or he decided...

Litecoin Now Approved In 30,000+ Stores

As cryptocurrencies gain ground, more and more technology-based firms find ways to incorporate the nascent technology into everyday life. Moon, prior to this time,...