Institutional investors, who discovered cryptocurrencies for themselves six months or a year ago, “not even close” did not satisfy their interest. We are only at the beginning of the emergence of asset managers, insurance companies and other large players, says Mike Novogratz, founder of the Galaxy Digital crypto bank.
Galaxy Digital CEO @Novogratz on $ BTC: “The institutions who are coming into this space now that weren’t in the space six months ago, [a] year ago, don’t have their fill yet. Not even close. We’re in the first inning of a 9-inning game with insurance companies, asset managers … ” pic.twitter.com/hPClp8R9o4
– Yahoo Finance (@YahooFinance) January 13, 2021
The former vice president of Goldman Sachs is confident that all such 20% kickbacks as in mid-January will be bought back. At the same time, Novogratz sees little chance that the price of bitcoin will surpass the psychological level of $ 50,000 in the short term.
“We are seeing a shift from leveraged retail players to ‘deeper pockets’, ‘longer arms’ [институтов]… If you are an insurance company and buy bitcoin, you do not buy it for a period of two months, you acquire it as a long-term asset, ”the head of Galaxy Digital shared his thoughts.
Novogratz views bitcoin as digital gold and altcoins as a means of payments.
Institutions have acquired over 1 million BTC over the past year, according to Bitcoin Treasures – 5.57% of the cryptocurrency market supply at the time of writing.
We will remind, the billionaire Howard Marks became one of those large investors who admitted his criticism of bitcoin untenable. Prior to him, Ray Dalio and Stanley Druckenmiller made similar conclusions.
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