Billionaire Investor Novogratz Has High Hopes For Cryptocurrency Come 2019, 2020

Billionaire Investor Novogratz Has High Hopes For Cryptocurrency Come 2019, 2020

Bitcoin News
December 2, 2018 by Sandra Onyeiwu
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Mike Novogratz, the billionaire investor who has also been one of the cryptocurrency largest supporters, has suffered with the rest of the market from the falling price of Bitcoin and altcoins. Despite his investment company, Galaxy Digital’s loss of $136 million throughout 2018 due to crypto’s ongoing bearish market, Novogratz still has faith in crypto,
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Mike Novogratz, the billionaire investor who has also been one of the cryptocurrency largest supporters, has suffered with the rest of the market from the falling price of Bitcoin and altcoins.

Despite his investment company, Galaxy Digital’s loss of $136 million throughout 2018 due to crypto’s ongoing bearish market, Novogratz still has faith in crypto, saying, “I fundamentally think you’re going to see big adaption in 2019, 2020.”

“It’s been a horrible bear market in tokens,” Novogratz said “There’s plenty of reason to be depressed.”

According to Novogratz,

“I fundamentally think you’re going to see big adaption in 2019, 2020. Lots of the items in the digital world, the e-gaming space, are low value items so I think people will be more comfortable participating in blockchain. We’re making big investments in that area.”

He pointed several crucial events that might have bolstered the downturn of the cryptocurrency, such as the Securities and Exchanges Commission (SEC)’s rejections towards Bitcoin ETF as well as their “stricter actions” against few fraudulent ICOs.

According to him, this has somehow introduced uncertainty to the market, which led to the most recent selloff.

However, the former Goldman Sachs’ partner is convinced that moving forward, the relationship between the SEC and cryptocurrency will get better, which he claimed as “a driving force for new growth” that will pave the regulatory path for larger investors seeking to join the crypto market.

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