As institutional investors start penetrating the crypto market, more users will trade in digital currency, says Novogratz, the founder of Galaxy Digital Capital Management
Stock exchanges and major companies like Starbucks and Microsoft have already taken on a different view of cryptocurrency, believes Mike Novogratz, a billionaire and and founder of Galaxy Digital Capital Management. In an interview to CNN Money Novogratz said bitcoin is used by many as digital gold to store their assets.
“As you start getting custody and service providers in and around the system, it allows pension funds and endowments to get involved,” he stated.
Novogratz underlined that institutional investors are actively entering the industry, as they don’t want to miss massive profits from an inevitable market boom of digital money. And soon enough it is bound to happen that many users will get involved into digital money.
Earlier in September Novogratz stated that the market had hit its local minimum and is now on the rapid comeback with the market cap to surpass $800 billion by summer 2019.