Tuesday , June 22 2021

Mike Novograz: this year institutionalists will push Bitcoin to $ 8,000



Galaxy Digital founder Mike Novograz, in a conversation with Bloomberg, said Tuesday that custodial solutions for cryptoLight will be launched in March, paving the way for institutional money.

"All the necessary architecture is created to make the institutes feel comfortable"– noted Novograc.

He stressed that in the early spring of the market will appear signs of the emergence of "smart money". According to him, only the investment company Fidelity has 200-300 customers interested in Bitcoin investments. However, he notes, the big business will enter the market gradually, as whales are a prudence.

"In the next 6-12 months, you will see that institutions are starting to invest small amounts in digital currencies– the crypto-enthusiast shares his mind. – Small amounts of institutional funds are big money. "

The increase in demand will inevitably affect the price – thanks to the institutional money, Bitcoin's price will reach $ 8,000, probably Novogragra. Then, as a "digital gold," Bitcoin will be even more distinguished from the other cryptoLooks.

By arguing for the late cryptosime, the founder of Galaxy Digital said last year he showed "how painful the popping bubbles can be." Now that the madness of retail investors has faded, and with it the rising prices of thousands of digital assets, industry is preparing for a structural shift from a "people revolution to institutionalization."

Earlier, Pantera Capital, Dan Morheed, said that market participants should not worry about "endless cryptosomes," as Bitcoin's growth will serve as an incentive for institutions to arrive.

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