Mike Novogratz Predicts Deadlines For New Bitcoin Rally

06/19/2020

Lena Dzhess

Attention of the institutionalInvestors to digital assets will push Bitcoin to growth. It can be expected in the next 6-24 months, said the head of Galaxy Digital crypto trading bank Mike Novogratz in an interview with CoinDesk.

The billionaire is convinced that the arrival of major players is necessary for a new round in the development of the industry:

"It took longer than expected, but my intuition tells me that in the next 6 to 24 months we will haveit's a big [institutional] process."

Mike Novogratz admitted that he was in a hurry, trying to attract institutions to the digital asset market three years ago. However, now, in his opinion, an excellent moment has come for a new attempt:

“Galaxy may continue to invest incryptocurrencies and other areas of business, but the real core of our offer is the maintenance of institutions. If they do not come, then with luck we are all bad, ”said Novograts.

Another factor influencing the price of bitcoin, the businessman called the measures taken by the Fed to support the economy.

"Within a week after the start of the Fed crisisprinted more dollars than for the entire period 2008-2009. Mom told me that money doesn’t grow on trees, but that’s exactly what’s happening now, ”says Novogratz.

By this he confirmed his April forecast, inwhich noted that government anti-crisis measures make Bitcoin attractive to investors in the long term as a non-inflationary asset.

Earlier, Novograts called the complexity of buying bitcoin one of the main factors restraining the price of cryptocurrency.