A couple of weeks ago, Novogratz had a presage about the bitcoin price. That prognostication was that the bitcoin price might reach $10,000 before 2017. But that presage comes into authenticity. In the last fortnight of December 2017, bitcoin hits a record high, the price of one bitcoin (BTC) reached a new all-time high of $19,783.21.
Bitcoin guru, Mike Novogratz, (Michael Edward Novogratz) is having some unique thoughts about the cryptocurrency. Mike Novogratz is an ex-hedge fund manager, for the Fortress Investment Group.
He was with Goldman Sachs, as an associate partner and furthermore he was ranked in a billionaire club by Forbes in 2007 and 2008. He has a profound erudition about the cryptocurrency market.
Even after the 80 percent crash in the market, he is treating bitcoin as a digital gold & encourage bitcoin trader. In comparison, Mike Novogratz directly compares bitcoin with chemistry related periodic table. He is merely referring to it as digital gold. Mike further added that the crypto market is very similar to golds on the periodic table. Hopefully, Mike may be relating to the fundamental values of cryptocurrencies. A periodic table magnifies the necessary information of the chemical elements, electronic configuration, atomic number, and so on. Similarly, many cryptocurrencies have some fundamental values. However, bitcoin as a cryptocurrency or as a digital gold must carry some unique importance among all cryptocurrencies.
Many times, Mike was cornered by many reporters, but he answered every question very tactfully. In the recent past, Novogratz attended MENA summit that was held in Abudhabi. He discussed some genuine reasons that he believes. He referenced that crypto winter is presently closure and he is anticipating the new introduction of a lot more establishments in the developing business sector. Novogratz is highly positive about Crypto Winter coming to an end. Because of the entry of more institutional investors into the market place. Just this week, two significant funds made their first investments in cryptocurrency.
Moreover, he has joined hands with billionaire investors Jim Breyer and Tim Draper who are much constant in their optimism about the long-term trend of crypto. He is expecting more venture funds followed by hybrid funds. He is very much growth of bitcoin path and success. Mike is excited and happy about Yale University investing in a cryptocurrency fund. Another excellent contribution is expected from Ivy League school. All these activities will boost the market price. Coming online is Fidelity’s custody solution, which can reportedly launch as early as next month. Then there is Bakkt that was initiated by worldwide Exchange. Plans need it to facilitate physically-settled bitcoin futures trading within the first quarter of 2019. Bitcoin trading platform Bakkt is for global exchange, and the parent company will be NYSE.