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Novogratz does not expect Bitcoin to head north for another few months
Mike Novogratz, a Wall Street legend with decades of experience as an institutional benchmark, made a complete transition to Bitcoin (BTC) just a few years ago, as he saw a potential that resembled that of the early 1990s. # 39; s internet. While Goldman Sachs' former partner was constantly tweeting about the subject in 2017 and early 2018, he has begun to shut up in recent months, as BTC and other cryptocurrencies have been losing ground. their mbad.
However, after an apparent interruption of participation in the wacky echo chamber that's Crypto Twitter, Novogratz is back. And with a pbadion for this industry that remains relentless. In a tweet published on Friday that generated tons of engagement on social media, Novogratz, acknowledging that he had not commented on cryptocurrency "for a while," explained that there had a chance that the crypto market, including bitcoin, is not heading north. "For at least a few months.
Realizing having tweeted about crypto for a while. It's a grind. Do not think we'll be going north for at least a few months. It always takes longer for institutions to move. Very confident, they will do it. Tons of activity under the hood. Stay on course
– Michael Novogratz (@novogratz) February 1, 2019
Supporting his new claim, which might seem surprising after Novogratz's optimistic price forecast, the manager of the Galaxy Digital cryptographic real estate bank said that[it] always takes longer for institutions to move. "
Novogratz does not use BS, so it has not yet launched institutional-oriented products, such as Bakkt, the VanEck / SolidX Bitcoin exchange-traded fund and the subsidiary of Fidelity Asset Services, Digital Asset Services. In addition, almost all institutional products and platforms have been delayed to a certain extent, especially as regulation continues to hurt this nascent industry.
Yet, he explained that Wall Street hotshots, well-known banks, and wealthy individuals (and their family offices) would begin pouring into this space, adding that there was "a ton of activity under the hood," even going as far as his supporters to "stay the course."
So, despite his comment that Bitcoin and his altcoin brothers are not ready to work, he seems categorical: the future looks bright for cryptographic badets.
Crypto investors wait for launch of Cosmos
Interestingly, in a sub-tweet, Novogratz then hailed Cosmos, an intelligent contract-based blockchain project and DApp, which gained popularity in 2017 and is yet to be launched.
In response to one of his disciple's comments on the project, saying that this alone could catalyze a bull race, the billionaire (who knows now what) pointed out that he had participated at the symbolic sale of Cosmos when Ethereum (ETH) was a relatively simple $ 35. The current CEO of Galaxy Digital then added that he hoped his disciple's message would become reality.
Novogratz's celebration of Cosmos comes after Fred Wilson, a legendary venture capitalist with a fondness for Silicon Valley and fintech, visited his personal blog on Jan. 1 to discuss a similar topic. In a general commentary on his investment theses in cryptography for the 2019 market, Wilson, co-founder of Union Square Ventures, said he hoped to see the development of promising cryptographic projects in the coming months. , such as Filecoin, Algorand and Cosmos, push product.
Kyle Samani of Multicoin Capital also echoed Novogratz's remarks on the infant project. According to previous reports from Ethereum World News, Samani pointed out that a handful of well-funded and promising blockchain platforms, such as Dfinity and Cosmos supported by a crypto a16z, could launch Ethereum in 2019. Samani said the two The aforementioned projects, presumably close to launch, could tip the almost unchallenged hegemony of the "global computer" as the platform of choice for the development and deployment of smart contracts.
Title of the image courtesy of John Towner Via Unsplash
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