Former hedge fund manager turned cryptocurrency investor Mike Novogratz just said he believes institutional investors are only weeks away from adopting Bitcoin and Ethereum en masse. Novogratz also said this Wall Street “migration” will cause crypto prices to surge.
Fortress Investment Group alumni Mike Novogratz once again offered his bullish opinions on the crypto space in new comments from the first day of New York’s Reuters Global 2018 Investment Outlook Summit.
“The institutionalization of this space is coming,” Novogratz said. “It’s coming pretty quick.”
Novogratz pointed to developments like CME Group’s launch of Bitcoin futures in Q4 2017 and CBOE president Chris Concannon’s recent projection of bringing Bitcoin ETFs “to market” as signs that Wall Street and institutional powerhouses the world over are about to start investing in the top cryptocurrencies – both indirectly and directly – like never before.
Novogratz noted that investing in these crypto futures and ETFs will become exceedingly easy for institutional investors, which likely means a tsunami of institutional funds will soon begin pouring into the space.
Consider, for example, that the CME is the largest regulated foreign currency exchange in the world – their BTC futures will give thousands of institutional clients the ability to join the Bitcoin boom.
Per Novogratz:
“When it’s that easy [for institutions to invest], the price of bitcoin or ethereum is going to go much higher. And that is a lot closer than people think.”
Novogratz’s estimate is that it will take six months for critical mass to be reached insofar as institutional adoption goes.
The macro hedge fund maestro also noted how these cryptocurrency futures and ETFs will be inherently attractive to more conservative-minded investment firms, in that they’ll provide a safer, less volatile outlet for capitalizing on the ever-surging crypto community.
http://bitcoinist.com/macro-trader-mike-novogratz-says-wall-street-nearing-bitcoin-adoption/
