Mike Novogratz Expects the Crypto Markets to Flip Next Year

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Photo Credit: VentureBeat

One of crypto’s most renowned commentators, Mike Novogratz, the founder of Galaxy Digital, has stated that he expects the crypto markets to enjoy a robust run next year. He made this known in an interview with Financial Times on November 23.

Speaking during the interview, Mike noted that “this year has been challenging” for his company as he had initially hoped that his company would become the “the Goldman Sachs of crypto” He further added that “it sucks to build a business in a bear market.”

In their report, Financial Times stated that Novogratz predicts a future where financial institutions will transition from just investing in crypto funds to investing in the crypto industry in the first quarter of 2019.

Per the reports, Novogratz also predicted that the crypto markets would flip next year as he expects the prices to start moving again.

Quoting Tim Swanson, the founder of Post Oak Labs, FT reported that, Novogratz was “trying to predict something that he has no influence over” whenever he says “something is going to happen with price.”

Speaking further, Swanson stated that before Galaxy digital forayed into the crypto markets, many companies had tried to do what the company is doing today with no much success.

Also, quoting an anonymous founder of a blockchain company, Financial Times reported that “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.”

Speaking on the future of crypto markets, Novogratz cited the upcoming Bakkt, and the digital assets management services for institutional investors recently announced by major investment firm Fidelity as one of the moves that will spike price movement in the crypto markets next year.

Elsewhere, the Chief Commercial Officer (COO) of BitPay, a global crypto payment processor also announced that these two major moves from traditional financial giants would propel the crypto markets to new heights.