Bitcoin will not hit the margin of $10,000 this year, believes Mike Novogratz, a prominent cyber money supporter and investor. However, there is a possibility the BTC rally will take place next year, not in 2018, he said.
Bitcoin to Rally Thanks to Institutions
On October 15, Mike Novogratz appeared to be the guest at Bloomberg, where he talked about bitcoin’s prospects in 2018-2019. Novogratz is a famous BTC enthusiast, he is an originator of The Galaxy Investment Partners and often talked about bitcoin in a positive sense.
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However, this time he spoke about it in less bright and promising terms — it is not likely bitcoin will surge till $10,000, according to Novogratz. The investor believes now it will take more time for prices to get higher because of investors who, most probably, will put their money in cyber assets only in 2019.
In the conversation with Bloomberg host, Novogratz singled out:
“...I think Q1 [or] Q2 [2019] if the institutions start coming in, we’ll put in new highs.”
Fidelity Case
Novogratz also commented on the news that financial services giant Fidelity is launching a separate division to offer storage and trading services to institutional investors. The BTC bull forecasted Fidelity will begin running the trading platform at the beginning of 2018.
He said this move is a positive issue for bitcoin but Fidelity will have to test the platform before exposing its clients to it, and it, apparently, requires time.
Once the platform is launched, in a few months the institutional flux will start running into crypto-sphere. Most probably, as per Novogratz, this will happen in the late first or an early second quarter of 2019.
