Mike Novogratz Predicts Institutional Money Will Flood the Crpyo Space

Former hedge fund manager on Wall Street Mike Novogratz has once again predicted that institutional investors will one day flood the crypto markets. However, he added that it would not happen until there was solid regulation in place.

While at the Beyond Blocks Summit Seoul, Mike said that he had confidence trillions of dollars will one day flow into the crypto markets. However, external factors would affect how soon that happened. He said that large institutional investors would not come on board unless there were regulatory safeguards in place.

Novogratz was echoing his previous prediction that crypto would one day achieve a market cap of trillions of dollars. When it did happen, it would transform crypto into something unrecognizable from what it is. However, there would need to be the creation of an online custodial service that is more secure than what exists today.

He gave the example of someone who was investing for the entire state of Wisconsin. If that kind of money vanished, you would be in real trouble almost immediately. Thus, the custodial service would not just need to be secure; it would need to be guaranteed secure. He was also adamant that there needed to be regulatory clarity. The clarity needed to come from the US since the US was in charge of the international banking system.

This is part of why his company has invested in all parts of the ecosystem. The company is experiencing growth with 75 people in its New York office. It plans to open other locations in Tokyo and Hong Kong soon.

Retail investors, who make up 98% of total investors, dominate the crypto market. However, this is freaking out the US regulators and others in the world. At first, the authorities appeared to be stepping on the little guys. However, things have since improved. This is particularly so when the SEC decided that Ethereum was not a security. It showed that the US authorities have shown a willingness to work with projects to ensure they comply.

Novogratz noted that regulators were engaged, which was what they needed to be doing. For instance, he gave the example of Japan. When Mt. Gox went down, the authorities were quite embarrassed. However, they acted fast and they were quite smart. Korea also listened to the masses and backed down from a proposal to ban crypto.

Novogratz has described crypto as a millennials’ revolution. The participants of this revolution are motivated to decentralize and create a new world order. When pressed on which projects he loved, he said that he was not smart enough to choose one.

He said no one could really pick a favorite. Right now, there were hundreds of projects trying one thing at the same time. All of them are competing for resources such as engineering talent. One of the projects he said was worth looking at was the Telegram ICO. It already had a $2 billion war chest and over 210 million users.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

280 +