In an interview with Bloomberg, Galaxy Digital founder and CEO, Mike Novogratz, spoke on his vision for the future of Bitcoin, and how the flagship cryptocurrency still maintains its intrinsic value, even in spite of 2018’s 80% decline.
“This Is Not Tulips”
In the ten minute interview, Novogratz, a former institutional investor, exclaimed that although he recognizes that Bitcoin’s price action over 2017/2018 can be likened to a bubble, the dissolution of the digital asset’s price should not be likened to that of the so-called “Tulipmania.” He stated:
“It was a mania built on something real… “The internet bubble felt like a mania and wow did the internet change our world.”
The industry pioneer also states that in the future, he is certain society will adopt a digital store of value, noting that he foresees Bitcoin being the most likely candidate, due to a number of its unique characteristics. Novogratz isn’t the only industry insider to tout such sentiment.
As reported by Live Coin Watch previously, Lou Kerner, a partner at Crypto Oracle, told CNBC that he expects for Bitcoin to surpass gold As the “greatest store of value.”
Novogratz went on to discuss how he envisions Web 3.0, the nascent decentralized form of the internet, to be a huge success. Also adding that he believes tokenization of many assets, including art, will become a well-embraced concept in the near future.
Here Comes The Cavalry
The Galaxy Digital founder stated “I sense the institutional world is coming,” to which the reporter quickly challenged him regarding his vision. The Bloomberg anchor, who has interviewed Novo before, noted that the Galaxy chief had proclaimed this before when Bitcoin was thousands of dollars higher in price, and there hasn’t been any notable action from institutional investment firms since then.
Novogratz made a swift response to this rebuttal, explaining that multinational financial services firm, Fidelity Investments, is opening its doors to crypto investing in 2019. He went on to add that NYSE- (and ICE-)linked Bakkt’s Bitcoin futures contracts are scheduled to launch in January 2019.
Mike is suggesting both of these occurrences will act as catalysts towards improving institutional investor sentiment with regards to cryptocurrency: “When I talk to those two groups, they’ve got customers lined up to start.”
Galaxy Digital’s Future
Whilst declining to comment on the future plans for his company, Novogratz said he remains positive on the future: “I think we’re gonna build a great business… two years from now people are gonna look back and see this as a huge buying opportunity in the crypto-space.”
It’s clear that Mike’s sentiment toward Bitcoin and the digital assets class remains ultimately bullish. Multiplying his notion of Bitcoin’s intrinsic value with upcoming events such as the release of BTC futures contracts, the Galaxy Digital founder envisions momentous growth in the crypto industry for years to come.
Ready To Rally?
A recent analysis of BTC/USD price action and in-depth research correlating UTXO’s with boom-bust cycles is leading investors to speculate on Bitcoin’s next outbreak to potentially begin in 2019.
As previously reported, Q1 2019 is anticipated to be a pivotal time frame for the crypto industry as a whole. Whilst investors are right to approach the digital asset space with caution, I believe many fundamental and technical indicators will act as significant catalysts, helping to strengthen the sentiment within the industry and drive substantial growth.
What other catalysts could help drive growth within the crypto industry? Let’s us know your thoughts in the comments 🙂