Mike Novogratz, the billionaire and head of crypto investment fund, Galaxy Digital stated that he is confident of institutional fund flowing into cryptocurrency. Mike stated in a recent tweet which appeared to have been composed while not in a proper state of mind.
Influx of Institutional Fund Into Cryptocurrency
Nothing is soothing to crypto enthusiasts than a message of hope and assurance that the crypto winter market would be over soon. This message gives the confidence to trust the market and take another bold step in investment.
The recent tweet of the CEO of Galaxy Digital, Mike Novogratz represents another hope of assurance and certainty to crypto enthusiasts alike. Novogratz stated in the tweet that;
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
The influx of institutional fund is noted as one of the main factor needed for the recovery of the crypto market and also needed for the industry to see full-scale adoption. Though it seems it is tarrying, Novogratz’s tweets note that there is a certainty that this will take place soon.
Novogratz is a household name in crypto prediction as he was persistent of his view on a bullish crypto trend in 2018 despite the bearish trend. Novogratz stated that crypto market is going to reach $20k during the period. However, the lingering crypto winter market and the loss of about $100 million he suffered in the market has made him change his stance a bit in recent time.
Also, Novogratz admits that the bullish crypto trend is going to take place in some months time, which means the bear market will still linger for awhile. However, he said it is certain that the bullish trend will take place.
The Crypto Bear Market
The tweet was followed by some reactions in which Novogratz stated that he was not 100 percent sober while the post was made. However, there is still certainty of a crypto market reversal. Recently Novogratz also raised $250 million loan fund for crypto firms to enable them to survive the winter market.
The winter market has made many crypto firms to fold up, and many also reduce their workforce as various austerity measures are being applied to survive the market ahead of the next bullish trend.