Should we expect the cryptocurrency market to flourish in 2019?
by Abdul Aziz Mondal Finance Published on: 01 December 2018 Last Updated on: 09 June 2020
According to Michael Novogratz, the founder of a merchant bank dedicated to the digital assets – Galaxy Digital and former partner of Goldman Sachs investment bank, yes we should expect the cryptocurrency market flipping sooner or later in 2019.
No one knows what the future holds, especially with the current situation on the cryptocurrency market. While pessimists foretell that it is already over, optimists like Novogratz state that it just a beginning. In the latest interview for Financial Times, he brought up the topic of the current state of the cryptocurrency market and shared his predictions about the nearest future of digital currencies.
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As Novogratz predicts, in 2019 cryptocurrencies will rebound, due to the entry of institutional companies into the crypto market. He also says, that thanks to the significant involvement of large corporations and institutional companies, cryptocurrency prices should return to the stocks from the beginning of 2018.
What Novogratz had on his mind, was probably the future clients of the BakktPlatform, which was created in cooperation with the New York Stock Exchange – NYSE. Presumably, it will provide futures on the Bitcoin cryptocurrency.
According to creators of Bakkt, the platform was designed to enable consumers and institutions to seamlessly buy, sell, store, and spend digital assets. Thanks to the successful cooperation with NYSE, it brings trust, efficiency, and commerce to digital assets. The aim of the Bakkt Platform is to develop open technology in order to connect the existing market and merchant infrastructure to the blockchain.
Furthermore, according to Novogratz, new institutional investors are likely to enter the crypto expanse in the next three to six months. He predicts that in the first or second quarter of 2019, the global market could experience a massive inflow of money. To bring this scenario to life, just one important player has to invest his money, so that the others decide to join in and bring a lot of assets to the market. One of such important players is, of course, the investment bank Goldman Sachs, which already invested in Circle company, which acquired the Poloniex cryptocurrency exchange in February 2018.
Apart from the major players, venture capital companies are still investing money in this emerging technology. That can be seen in the example of concentrated on cryptocurrencies start-up companies, which already carried out dozens of funding rounds and become very popular in the last dozen or so months.
Despite the recent crash in the cryptocurrency market, Mike Novogratz says stubborn and optimistic about his predictions about the future. According to him, 2018 was quite harsh for the market, but the future looks more promising.
Michael Novogratz was born in 1964 in the United States of America. In 1989 he began his career with Goldman Sachs as a short-term bond salesman. Over the years, Novogratz climbed the ladder of success in Goldman and eventually became the head of fixed income, currencies, and commodities risk in Asia. In 2002 he joined Fortress Investments, where he served until 2015. In 2007 and 2008 he was ranked twice a billionaire in Forbes magazine. Currently, Mike Novogratz is the CEO of Galaxy Digital – a cryptocurrency investment firm with headquarters in New York, USA.
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