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Mike Novogratz, the founder of the Galaxy Digital Capital Management cryptocurrency investment company, set a $ 10,000 bitcoin price target at the end of the year, saying the "FOMO"
While bitcoin and other cryptocurrencies have been hit this summer, Novogratz thinks the stars are gearing up for a short-term rally as we enter the last three months of 2018.
Novogratz has highlighted global institutions such as Goldman Sachs and ICE (Intercontinental Exchange Inc.), the owner of the New York Stock Exchange.
Institutions encourage global adoption of crypto
"It's also a bull market in institutions that create the infrastructure needed for real money investors to start investing in this space," Novogratz said. CNBC (video below). "In three to six months, there will be a" clear "sign for people – big institutions and pensions. [funds] – start investing. "
Novogratz, a former Goldman Sachs and former hedge fund manager, recently said that bitcoin prices have hit their all-time low and should rebound Inquisitr Reported previously.
The bitcoin bull estimates that the market reached its lowest point on 12 September and said BTC's technical drawings were similar to what had happened just before the big rally in late 2017.
Novogratz said that bitcoin prices should first exceed key resistance levels of $ 6,800, $ 8,800 and $ 10,000 before they can exit the current bear market, but he is confident the market is headed.
Mike Novogratz also revealed that "one of the most influential endowments [in the world]"Just made an investment in a" bitcoin fund ", but he would not disclose who is the institutional investor.
However, he said the bold move would open the door for other institutional investors to start investing in cryptocurrency funds and start-ups.
Most institutional investors are copying the movements of their peers, so if a big dog reports that crypto is worth it, others will follow a domino effect because of "institutional FOMO".
CIO: It's "inevitable" that endowment funds invest in Crypto
In April 2018, Ari Paul – the chief investment officer of BlockTower Capital, a cryptographic investment company – said he would not be surprised if several of Ivy League's super-rich universities were investing in cryptocurrencies this year.
"I think it's inevitable from a few angles," Paul said. CNBC. "Even though they never believe it as an asset class, they are smart enough to recognize the alpha opportunity."
Ari Paul, a former portfolio manager at the University of Chicago (with $ 7.8 billion endowment), said several university endowments and pension funds had started looking for digital currencies as vehicles for placement as early as 2015.
"Endowments could trigger relaxation at any time," Paul said. "They are on the fence."
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As the best universities tend to copy each other, it would be enough for a large school to invest in cryptography, and others will follow. Most major universities have massive endowments. Harvard has a $ 36 billion endowment, while Yale and Stanford University each have a $ 25 billion endowment.
Even a 1% allocation to Bitcoin by Harvard would amount to $ 360 million. Imagine that all the richest universities in the United States do the same thing.
They would become undisputed bitcoin whales that would control the market. For crypto evangelists, it's both an exciting and alarming thought.
Bitcoin whales have more than 55% of the global supply of BTC. According to a blockchain research firm, less than 1% of portfolio addresses contain $ 100 billion worth of bitcoin. #Economy #Business https://t.co/UG7nQxga7O
– INQUISITR (@theinquisitr) September 19, 2018
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