Investor Mike Novogratz recently stated that mass adoption of cryptocurrencies and Blockchain technology is possible for a period of five to six years. This is not the first forecast like that.
Speaking at the Beyond Blocks conference in South Korea, Novogratz, CEO and founder of the investment company Crypto Galaxy Digital, he said that many institutions will join the Blockchain and cryptocurrency industry in the next two to three years. “Without this we will go round in circles,” he noted.
Crypto common in 5 years?
However, mass adoption of cryptocurrency technologies and their technologies will take place no earlier than half a decade. Novogratz believes that digital currencies must stop being considered a novelty earlier.
What are the obstacles now for Blockchain-based currencies to enter the mainstream? Novogratz explained that it is for doubts of conventional investors.
– Think about how institutional investors work – he explains – It’s hard to say to your boss: “I have money in places you have never heard of.” You need a trusted nameholder – a Japanese bank or HSBC, ICE or Goldman Sachs – to enable institutional investors a sense of comfort [in investing]. ”
You do not know what Blockchain is? It does not matter…
The investor also drew attention to the impact of the correct regulatory approach. He also appealed to the public to get interested in the topic of cryptocurrencies. What is more important, Novogratz believes that detailed knowledge of the block network is not necessary for this.
Novogratz argued that while financial supervisory authorities focus mainly on professional institutions such as JPMorgan and Goldman Sachs, the industry is mainly based on retail investors. It is also on them – individual clients – that governments should focus their attention on the creation of regulations.
How much for BTC?
Novogratz became famous for the price forecast for bitcoin and ethereum for 2017. He believed that the first cryptocurrency would jump to 10,000 USD by the end of 2017, and the ethereum would close this period at 500 USD. Instead, both currencies have reached levels twice as high. Perhaps, then, judging mass adoption, Novogratz is also a pessimist? Anyway, Tim Draper and John McAfee made similar predictions.
Do you know that…
Novogratz previously worked at Goldman Sachs and Fortress Investment Group. As a young man he was … a wrestler and a military pilot of a helicopter.