Novogratz predicts cryptocurrency market cap might touch $800 billion in 12 months
Mike Novogratz, prominent merchant bank, Galaxy Digital CEO affirms cryptocurrency market cap to currently remain below $800 billion. Novogratz also happens to be a strong proponent of Bitcoin [BTC], the most popular digital currency in the crypto market space. Presently, Novogratz has stated that the market capitalisation of cryptocurrency will fail to reach the mark of $800 billion by 2018 end.
However, the current opinion of Novogratz contradicts with the statement he gave previously. According to his previous expression, by the end of 2018, itself the crypto market cap would reach $800 billion. Nevertheless, he still has high hopes on the potential of cryptocurrency in the crypto market. At a blockchain event held in South Korea, he expressed his opinion on cryptocurreny market capitalisation. He stated that the $800 billion mark would be attained in a 12 months span if not by 2018.
Beyond Blocks Conference, South Korea
He attended an interview with the Crypto Trader of CNBC Africa at an event, namely, Beyond Blocks Conference. Herein, he has pointed out the points of distinction between the current market capitalisation and which existed in December, 2017.
According to Novogratz’s statement, “I think we’ve pretty much bottomed. I’m not positive we’ve bottomed but it feels like we have. …But I do think that we are building a nice bottom for the next move up.” He further stated that with the implementation of improved regulatory measures and custody addition, the crypto market capitalisation can witness an upsurge.
He believes that slowly but surely cryptocurrency is proliferating in the market space. A greater number of crypto enthusiasts and investors are presently seeking to attend cryptocurrency based conferences. People are gradually opening up themselves before businesses dealing with cryptocurrencies.
In his view, the crypto market also gets an impetus by the entry of private institutions. These private players take a firm step towards this particular market through their investment in crypto companies with venture capitalists as intermediaries.
He believes that attention of the investors can be drawn by associating big names like Goldman Sachs with the market space. This would certainly convince the investors at once. However, he also opined that BitGo and Coinbase Custody have not been effective enough to perform this task in spite of its favourable future. When asked about utility tokens, he has expressed his inclination towards it. He commented that in comparison to security tokens, utility tokens are certainly “cooler projects.”
A previous statement of Novogratz on cryptocurrency market capitalisation made him appear comical before the common mass. At a time when the market cap was already hovering around $800 billion, he came up with an apparently abrupt statement.
He said that within December 2018, the market capitalisation of cryptocurrency will hit $800 billion mark. The validation of this statement is more effective now considering the current scenario in the crypto space. The market capitalisation of cryptocurrency has witnessed a dip from $800 billion to $300 billion level in just six months. It is in this perspective, he said that cryptocurrency market capitalisation will surge up and hit $800 billion again if not by December 2018 but within the next 12 months.
Image via Business Insider
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