[20/10/2018] Novogratz Says Cryptos Are Safe, Expects BTC to Rally In Q1 2019

[Lmaooo]

Mike Novogratz, a prominent cryptocurrency investor, and CEO of Galaxy Investment Partners has toned down his optimism, reiterating that he doesn’t expect a price surge in the price of Bitcoin until institutional adoption occurs, which could happen in the first half of next year.

Speaking with Bloomberg’s Erik Schatzker on “Bloomberg Markets: The Close,” the Galaxy Investment Partner who is known for his optimism about the future of cryptocurrencies, notably Bitcoin, said the price of bitcoin wouldn’t break $10,000 in 2018.

“One thing you learn in this process is that everything takes a little longer than you hoped it would. I don’t don’t see us breaking $10,000 by the end of the year,” he told the network.

Novogratz also spoke on Fidelity Investments’ decision to release a custodial solution tailored to institutional investors that were particular about the safety of the digital assets they purchase. He believes this move by Fidelity would favor the market, but he was a bit cautious about how much mass interest it can garner and how quick it can achieve it.

He went on to add that Fidelity won’t start “seeing institutional flows into purely crypto assets late first quarter [or] early second quarter.”

Just last month, Novogratz told CNBC that he sees bitcoin price increasing by 30 percent by the end of the year. He also said once the price rebounds to the $10,000 range, institutions will have an “‘all clear’ sign for people — big institutions and pension [funds] — to start investing.”

Novogratz has emphasized the need for a long-term rally, which he believes could lead the crypto market to a $20 trillion valuation. He also remains optimistic about the market’s ability to surpass all heights achieved in the past. He said the crypto market will bounce back from the major corrections being experienced in 2018 and surpass the previous all-time highs.

    “[Cryptocurrency] is a global revolution. The internet bubble was only a US thing. It was rich US people participating. [Cryptocurrency] is global. There are kids in Bangladesh buying coins. It is monstrous in Tokyo, in South Korea, in China, in India, and in Russia. We’ve got a global market and a global mania. This will feel like a bubble when we’re at $20 trillion,”


CCN |  https://www.ccn.com/novogratz-says-cryptos-are-safe-expects-bitcoin-to-rally-in-q1-2019/

[Argoo]

I see that optimism in the forecasts of growth of the cryptocurrency market for this year decreases as we move towards the end of the year. If the figures were previously called 40 000 dollars and. more as a bitcoin price by the end of the year, now the figure of 10,000 looks more than modest. Many no longer pin their hopes for this year.
It seems that 2018 will go down in the history of the development of cryptocurrency as not the most successful.

[1Referee]

It seems that 2018 will go down in the history of the development of cryptocurrency as not the most successful.

Lol?

Firstly, the price doesn't represent what's happening in the background. Secondly, we have had years far worse than 2018 in terms of price action (look up the charts).

People only see what they want to see. They completey disregard that what's happening in the OTC markets. In the last 24 hours there has been more than $3.6 billion worth of transaction activity on Bitcoin's network. Considering that we're going through a bear market and the global activity is on the lower side, these on-chain value transfers indicate a booming off-exchange industry.

Interesting on-chain value activity over the last 24 hours;

Bitcoin $3.6 billion.
Ethereum $407 million.
BCash $93 million.
Litecoin $85 million.

XRP's data can't be fetched.

Source; https://bitinfocharts.com/

[gentlemand]

until institutional adoption occurs, which could happen in the first half of next year.

We've been hearing that since around 2014.

The building blocks are certainly falling into place, but institutions prey on pumps, they don't scratch build them themselves. They know perfectly well there's an army of nasty little shits who've been here for longer than they have ready to poo on any one man attempts.

[bbc.reporter]

Mike Novogratz, the person who said that bitcoin will be on $40k by the end of 2018, changes his prediction to not higher that $10k. But what if bitcoin had a sudden movement upwards to $15k? Does he need to change his prediction again? He certainly lost some credibility points there.

But I know this guy will be happy.

[figmentofmyass]

until institutional adoption occurs, which could happen in the first half of next year.

We've been hearing that since around 2014.

and i think we've been seeing institutional activity since around then too. the market making, the algorithm-driven trading. you may not see positions directly on jpmorgan or morgan stanley's books, but why would you? they can just spin off some no-name private equity firms. hell, goldman sachs is officially in the shitcoin brokering business with the poloniex acquisition last year.

it's happening piecemeal and will continue that way IMO.

[gentlemand]

Mike Novogratz, the person who said that bitcoin will be on $40k by the end of 2018, changes his prediction to not higher that $10k. But what if bitcoin had a sudden movement upwards to $15k? Does he need to change his prediction again? He certainly lost some credibility points there.

Everyone's pulling stuff straight from their botty. You can have credibility for what you do and are and still make stupid predictions. I don't really hold it against anyone. No one out there has bleedin' clue.

October is now thinking of putting its feet up and I still can't detect any signs of life. My credibility-stretching prediction is a whole lot of nothing into early next year and then we get some sphincter tightening downwards action.

Don't think unkindly of me.

it's happening piecemeal and will continue that way IMO.

Indeed. It's the flashing 'institutional' button waiting to be pressed that I find a puerile idea, yet it's still wheeled out with great regularity.

[bbc.reporter]

@figmentofmyass. Agreed, and all in all, the future of banking and finance is in the cryptospace. It would be a big misstep for a regulated, multibillion dollar institution if it decided not to have their piece of it.

@gentlemand. But Mike Novogratz is a credible public figure, while we are only dirty forum cave trolls. There is a difference.

[BitHodler]

But Mike Novogratz is a credible public figure, while we are only dirty forum cave trolls. There is a difference.

Speak for yourself, will you! 

Novogratz might be a public figure, might also be filthy rich, but he is guessing just as much as we do. I haven't seen any of his predictions actually hold any significance in the last 12 or so months.

He kept guessing wrong till the moment he realized it's better to remain conservative during a market that doesn't want to be moving, something most realistic forum members here figured out months ago already.

We're all depending on what tomorrow brings with how the market can change overnight. Some times I wake up and the market has tanked hard, while the other day I wake up greeted by a green dildo....

[figmentofmyass]

Mike Novogratz, the person who said that bitcoin will be on $40k by the end of 2018, changes his prediction to not higher that $10k. But what if bitcoin had a sudden movement upwards to $15k? Does he need to change his prediction again? He certainly lost some credibility points there.

Everyone's pulling stuff straight from their botty. You can have credibility for what you do and are and still make stupid predictions. I don't really hold it against anyone. No one out there has bleedin' clue.

i really think people put too much emphasis on these predictions. gotta consider the context. it wasn't like novogratz published a chart on tradingview with a big arrow pointed at $40k. he was a guest on CNBC fast money and was asked about the price. he said "bitcoin could be at $40,000 at the end of 2018." fair enough---it was certainly possible.

markets are unpredictable---i don't hold it against him. a good trader might have a 60% win rate, or even 40%. 0/1 don't mean nothing.

it's happening piecemeal and will continue that way IMO.

Indeed. It's the flashing 'institutional' button waiting to be pressed that I find a puerile idea, yet it's still wheeled out with great regularity.

if an ETF gets approved (or bakkt gets launched etc), i'm sure all the investment banks and pension funds are gonna immediately park all their money in bitcoin.

[bbc.reporter]

But Mike Novogratz is a credible public figure, while we are only dirty forum cave trolls. There is a difference.

Speak for yourself, will you!  

Novogratz might be a public figure, might also be filthy rich, but he is guessing just as much as we do. I haven't seen any of his predictions actually hold any significance in the last 12 or so months.

He kept guessing wrong till the moment he realized it's better to remain conservative during a market that doesn't want to be moving, something most realistic forum members here figured out months ago already.

We're all depending on what tomorrow brings with how the market can change overnight. Some times I wake up and the market has tanked hard, while the other day I wake up greeted by a green dildo....

I was not talking about the accuracy or how good a person is in analyzing the movements in the market. Mike Novogratz, a public figure, wants credibility and the status as an influencer, we the dirty forum cave trolls, do not. That's the difference.

[CoinClarity]

I wrote this article in July, also for the personal reason of keeping tabs on these 4 price predictions.

https://coinclarity.com/four-bitcoin-price-targets-for-second-half-of-2018/

Prediction #1: $100 – Joseph Stiglitz
Prediction #2: $20,000-$25,000 – Tom Lee
Prediction #3: $50,000 – Arthur Hayes
Prediction #4: $60,000 – Julian Hosp

All 4 of them are poised to be very, very wrong.

So on January first, do we need to pay attention to any of their opinions (or Novogratz) ever again? I would say "no." Funny how these gurus always see an exciting bull market rally during their seances, and they just happen to be massively invested in cryptocurrency as well. Coincidence?

[gentlemand]

So on January first, do we need to pay attention to any of their opinions (or Novogratz) ever again? I would say "no." Funny how these gurus always see an exciting bull market rally during their seances, and they just happen to be massively invested in cryptocurrency as well. Coincidence?

I'm not interested in anyone's price opinion. We all know it's mainly for fun and to be invited on TV shows where the anchor offers hand relief before going on air.

I am interested in their opinions on other areas. These are some very powerful and influential people who'll know way more about what's going on in the background and crypto's ongoing progress. You'd think that might inform their price guesses. Guess it don't.

[bbc.reporter]

@gentlemand. What would those opinions be? Economics, the cryptospace? I reckon some of their opinions and their thoughts on those other areas might not be as on point as we thought.

[gentlemand]

@gentlemand. What would those opinions be? Economics, the cryptospace? I reckon some of their opinions and their thoughts on those other areas might not be as on point as we thought.

People like Mike Novogratz are balls deep in crypto. They'll be consulted by all the big swinging dicks looking to get in. They'll be informed of upcoming plans in the fields of investment, legislation and others. They'll know all the insiders on the more traditional side of the finance world.

I can't think of any other type of person who'd be better placed to receive a flavour of what's to come. Can you?

[cellard]

It seems that 2018 will go down in the history of the development of cryptocurrency as not the most successful.

Lol?

Firstly, the price doesn't represent what's happening in the background. Secondly, we have had years far worse than 2018 in terms of price action (look up the charts).

People only see what they want to see. They completey disregard that what's happening in the OTC markets. In the last 24 hours there has been more than $3.6 billion worth of transaction activity on Bitcoin's network. Considering that we're going through a bear market and the global activity is on the lower side, these on-chain value transfers indicate a booming off-exchange industry.

Interesting on-chain value activity over the last 24 hours;

Bitcoin $3.6 billion.
Ethereum $407 million.
BCash $93 million.
Litecoin $85 million.

XRP's data can't be fetched.

Source; https://bitinfocharts.com/

Novogratz is one of these Wall Street guys that has no idea about the actual tech and just goes on television repeating whatever latest buzzwords he has learned lately to pitch his bags. I mean the guy was holding big ass bags of Ethereum and other altcoins. He has no idea about the fact that Ethereum is deep trouble with a blockchain that is impossible to sync a full node from scratch anymore and goes offline when people are trading whatever latest meme of the hour (crypto-kitties or whatever). The whole thing is a ridiculous clusterfuck and still a top5 altcoin.

I may agree with not seeing much action until 2019, the graph needs to stretch a bit this period of a stable price for a while, then it will look nice and ready for the next bull run. Of course, fundamentals rule and Bakkt may put higher speed on this rocket, but I believe we'll see a delay on the impact it will have on the price for a while.

[figmentofmyass]

@gentlemand. What would those opinions be? Economics, the cryptospace? I reckon some of their opinions and their thoughts on those other areas might not be as on point as we thought.

People like Mike Novogratz are balls deep in crypto. They'll be consulted by all the big swinging dicks looking to get in. They'll be informed of upcoming plans in the fields of investment, legislation and others. They'll know all the insiders on the more traditional side of the finance world.

I can't think of any other type of person who'd be better placed to receive a flavour of what's to come. Can you?

people like novogratz and dan morehead are certainly in a position to be well-informed about those things. but on a fundamental level, they aren't quantifiable and it's impossible to know whether grand investment plans or regulatory approval or favorable legislation actually come to fruition. when he says he expects institutional money to come in next year, i'm sure he isn't pulling that out of his ass. but it's still up in the air whether the pieces fall into place or not.

his hedge fund bled a lot this year, which goes to show he's pretty bull-headed and possibly reads too much into his insider information. i'd love to pick his brain but i'd take his opinions with a grain of salt too. he appears to be very biased considering his company's position.

[bbc.reporter]

@gentlemand. What would those opinions be? Economics, the cryptospace? I reckon some of their opinions and their thoughts on those other areas might not be as on point as we thought.

People like Mike Novogratz are balls deep in crypto. They'll be consulted by all the big swinging dicks looking to get in. They'll be informed of upcoming plans in the fields of investment, legislation and others. They'll know all the insiders on the more traditional side of the finance world.

I can't think of any other type of person who'd be better placed to receive a flavour of what's to come. Can you?

I do not like listening to those types of people because their agenda might not be in the best interest of bitcoin's development. But there are some people I respect like Eric Lombrozo, Peter Todd, Nick Szabo.

[gentlemand]

I do not like listening to those types of people because their agenda might not be in the best interest of bitcoin's development. But there are some people I respect like Eric Lombrozo, Peter Todd, Nick Szabo.

They may not be to anyone's taste, but they're still relevant people and they will influence Bitcoin's future direction, however modestly. There's an increasing chasm between the developers and theorists versus the money men. Everyone should be paid attention to.

[SoiledDove]

I've noticed people asking if Bitcoin will rally in 2019. They'll be happy to see this report that it's expected to do well in 2019, I'm sure.