Cryptocurrency News

Mike Novogratz Expects Cryptocurrencies to ‘Flip’ in 2019


Amidst the volatile Cryptocurrency market trend, the ex-Goldman Sachs partner and the founder of Galaxy Digital, Mike Novogratz is predicting a breakthrough turn around for cryptocurrency next year. In an interview with the Financial Times (FT) on 23rd November 2018, Novogratz said:
‘This year has been challenging for Galaxy Digital. It sucks to build a business in a bear market.’ He hopes Galaxy Digital to become ‘the Goldman Sachs’ in the Cryptocurrency area.

In the interview according to Financial Times (FT), Mike Novogratz is expecting a transition in the investment trends towards the cryptocurrency funds. He predicts a shift from “investing in cryptocurrency funds to investing in cryptocurrencies proper in the first quarter of next year. It’s easy to get skeptical but there’s something happening” after having pointed out cryptocurrency developments led by major figures in traditional finance.”

During the interview, Mike Novogratz backed up his statement by citing the upcoming Bakkt (a digital assets platform created by the operator of the New York Stock Exchange (NYSE) and the digital assets management services for institutional investors recently announced by major investment firm Fidelity, as an example.

Mike Novogratz also expects a ‘flip in the cryptocurrencies by the next year.’ According to him ‘that is when the prices will start to move again.’
In another interview with Tim Swanson, Financial Times (FT) has tried to capture another point of view. The founder of fintech advisory firm Post Oak Labs- Tim Swanson’s viewpoints differ from Mike Novogratz’s. He said-

‘Novogratz was “trying to predict something that he has no influence over” whenever he says, “something is going to happen with a price.” Many companies had tried to do what Galaxy Digital is doing currently without much success, concluding “welcome to four years ago!”

‘One of the biggest problems in crypto is the lack of credible merchant banking” and that Galaxy Digital is “well placed to be the first to take advantage of new markets.’- As quoted by an anonymous founder of a Blockchain company.

The above two points were also found in Sonny Sigh’s viewpoints. (The Chief Commercial officer (COO) of Global Crypto Payments processor- BitPay.) The Chief Commercial Officer predicted major price action in Cryptocurrency based on the above two shifts from the traditional financial sectors.
‘Bitcoin (BTC) will hit $15,000 to $20,000 by the end of 2019.’ – Sonny Sigh (The Chief Commercial officer (COO) of Global Crypto Payments processor- BitPay.)

At the current moment though, the Bitcoin is hitting new lows for a few months. It has been dipping to 11 percent at press time to trade at $3,850.

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