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Mike Novogratz, CEO of Galaxy Digital thinks crypto will rally 30% by the end of 2018. He stated,”
Exchanges and big companies are taking cryptocurrency seriously. “Starbucks and Microsoft allow you to use Bitcoin,” he stated. “As you see more adoption of just people being comfortable with it, it feels like it’s going to go up.”
Institutions will pick up on the fear of not catching up, and they will jump into the buy. And, very soon Bitcoin will become a part of the financial portfolio of people.
There is an institutional FOMO
Those who have paid attention to the news will know that Mike Novogratz is not wrong. This is not a bubble, and it is an opportunity. “In a lot of ways, this is a Millennial-led revolution … what I’ve found is guys with gray hair [are] much more skeptical.”
Noteworthy to recollect Bloomberg’s report, “Goldman Sachs is considering a plan to offer custody for crypto funds, according to people with knowledge of the matter. That means the bank would hold the newfangled securities on behalf of the funds, reducing the risk for clients seeking to guard against the threat of losing their investments to rogue attacks.”
With the coming of crypto custody services, Bitcoin and other Crypto will become a part of people’s portfolio. “As you start getting custody and service providers in and around the system, it allows pension funds and endowments to get involved.”
With time, Novogratz states that people will begin thinking of Bitcoin like it is a store of value just like gold.
Novogratz following the Bloomberg Galaxy Crypto Index, states that Bitcoin that hit bottom earlier this month will rally back in value in the first quarter of 2019 “you’ll start seeing it move.”
“It’s almost essential for every investor to have at least 1% to 2% of their portfolio in crypto” per Novogratz. Novogratz stated it’s “almost irresponsible” to not invest in Bitcoin.
