In an interview with Bloomberg, Billionaire Investor Mike Novogratz made a bold statement about the direction of the cryptocurrency markets. According to Mr. Novogratz, the moment the big institutional investors decide to go all in on crypto investement, is the moment the crypto-markets will blossom to the $20 Trillion total crypto market capitalization value he spoke about.
In the interview, Mr. Novogratz had this to say with respect to the crypto-markets rebounding from the current decline of $293 Billion in total crypto market capitalization, to finally reaching a $20 Trillion market valuation:
[Cryptocurrency] is a global revolution. The internet bubble was only a US thing. It was rich US people participating. [Cryptocurrency] is global. There are kids in Bangladesh buying coins. It is monstrous in Tokyo, in South Korea, in China, in India, and in Russia. We’ve got a global market and a global mania. This will feel like a bubble when we’re at $20 trillion.
He would later comment that the big institutional investors will enter the market in the mid-term:
It won’t go there ($20 trillion) right away. What is going to happen is, one of these intrepid pension funds, somebody who is a market leader, is going to say, you know what? We’ve got custody, Goldman Sachs is involved, Bloomberg has an index I can track my performance against, and they’re going to buy. And all of the sudden, the second guy buys. The same FOMO that you saw in retail [will be demonstrated by institutional investors]
John Mcafee was keen to multiply Mike Novogratz prediction by a factor of 10 via Twitter:
Cryptocurrency will become a $20 trillion market. I believe it will be 10 times that. Remember: Fiat currencies will be drastically devalued as Crypto advances. By 2021, the US dollar will be worth only 1/5 of what it is worth today. Believe these numbers
Mike Novogratz is an ex-hedge fund manager of the investment firm Fortress Investment Group. Prior to Fortress,he was a partner at Goldman Sachs where he spent lots of time working abroad including senior leadership roles in Asia and Latin America. He is a graduate of Princeton University as well as being ranked as a billionaire by Forbes in 2007 and 2008.
[Photo, Mike Nogogratz. Source, Bloomberg.com]