After a large increase that the Bitcoin price has seen in the last two weeks, the number one currency may have bottomed, at least according to Mike Novogratz.
Bitcoin price may have bottomed, according to the new claims from the popular crypto trader and investor, Mike Novogratz. Novogratz, who is the CEO and Chairman of Galaxy Investment Partners has recently expressed this opinion on Korea Blockchain Week’s show ‘Cryptotrader’.
During the interview, Novogratz stated that he is not completely sure that BTC has bottomed, but he does believe that it might be. However, he still thinks that the new bottom is a perfect place to be in order to make a strong next move. He also mentioned that the crypto adoption is increasing at a pretty decent rate.
He added that there are more and more people at crypto conferences around the world, which means that there are more of them in the crypto world. Even the institutions have started joining in by making the first moves, although they are still extremely cautious.
There are others who now share Novogratz’s opinion, some of which came to this conclusion even earlier. Barry Silbert, a member of Digital Currency Group, has said the same thing earlier this month.
Mike Novogratz has given several crypto price predictions, one of the more recent ones being about the total crypto market cap hitting $800 billion by the end of the year. He has now modified this prediction, admitting that it will likely not happen by the end of the year, but that it still might come to pass in the next 12 months. His new prediction has been built on top of the new wave of institutional investments that are reaching the crypto world.
One thing has stayed the same though, and that is Mike’s attitude towards the crypto market, which continues to remain completely positive. He does recognize that there are some changes needed for the crypto world to advance further. According to him, the next big move for the better can be achieved by implementing proper custody solution, which would be supported y reputable authority. Additionally, he believes that the regulatory clarity is another necessity that the crypto world currently lacks.
He added that these two things are what is necessary to attract institutional investors. However, he still firmly believes that it is only a matter of time before the market gets what it needs. The need for these changes is real since the current custodial solutions are not good enough to handle the task.
Instead, the institutions need more reliable solutions in order to start trusting the crypto world. However, even the proper custodial solutions would not mean all that much without reliable and trustworthy names to back them up.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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