Former Goldman Sachs partner says the cryptocurrency market cap will triple within the next 12 months.
Mike Novogratz, former Goldman Sachs partner and founder of the Galaxy Digital Asset Fund, says that it will take a little longer than he originally antipicated for the cryptocurrency market cap to reach $800 billion.
Originally, a few months back, Novogratz said that he expected the cryptocurrency market cap to reach $800 billion by the end of 2018.
However, the bear market was a little longer and a littler harsher than he originally expected and now moves his $800 billion target back by a few months.
Specifically, back by about 6 months.
Saying that within 1 year he fully expects the cryptocurrency market to surpass $800 billion in total capitalization.
Not only that but he also said the he thinks we have likely already hit a bottom as well:
“I think we’ve pretty much bottomed. I’m not positive we’ve bottomed but it feels like we have. …But I do think that we are building a nice bottom for the next move up.”
(Source: https://www.ccn.com/cryptocurrency-market-cap-will-hit-800-billion-in-12-months-novogratz/)
Why is the cryptocurrency market going to triple within the next year?
Institutional money.
Novogratz says that they are just now starting to dip their toes in and they will much more aggressively once we get some clearer regulations in place and better custody solutions.
The one offered by Coinbase is ok, but it's not good enough according to Novogratz.
We need one offered by someone like Goldman Sachs, then the institutions will really start to flood in.
According to Novogratz we will see FOMO again, but this time by institutions:
"It’s not there yet, there’ll be a tipping point. Modern-day pension funds will come first and then all of the others will follow."
(Source: https://www.ccn.com/cryptocurrency-market-cap-will-hit-800-billion-in-12-months-novogratz/)
Sounds good to me!
Though, keep in mind he keeps mentioning the total market cap, which may have drastically different coins near the top a year from now.
Hopefully Steem is one of those coins that solidifies its place in the world, but it needs to start acting now while it still has some first mover advantage.
Specifically it needs to get some development done and it needs to do some major marketing and advertising. Neither of which much has been done to date.
Stay informed my friends.
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Triple 💰 Triple 💰 Triple 💰
Works for me.
wow
hoffentlich wird es so kommen
allen erfolgreiche gewinne
AWESOME NEWS for all of us here! Thanks for share, much appreciated.
Even Goldman Sachs will have to follow in the path of the strongest cryptos in order to keep a foothold in this industry... ;) Bitshares, EOS, STEEM and its family has much to offer them!
Namaste :)
I sure hope so. On that note, not sure why Bitshares is currently worth $150 million more than steem...
Bitshares is compounding its value through all the other members of its family while having the longest lasting and uncorrupted blocks ever written, if I am not mistaken. The marketing team has been working all over the world to acquire deep pockets and open legal gates for the benefit of us all and so forth...
Here's a few bits of data relating to this matter:
Enjoy! Namaste :)
Good info, thanks. We need steem to actually begin marketing at some point here. Steem is just as fast, scales even better, and has free transactions. Not to mention SMTs.... Steem doesn't seem to be priced accurately to me.
800 billion in crypto!!! even thinking about that is making me humble..cryptos have come so far.
Yea, the market cap was higher than that in late December I believe.
@jrcornel if ETF get approved then this target can even reach within few hours only. But if ETF didn't get approve then it can take time. By the way thank you so much for bringing this great news between us.
Great point. It likely is driven on that actually coming to fruition. If ETF gets approved, bitcoin price probably doubles/triples in a matter of days.
@jrcornel according to this news it's is more then double now 300$ billion to 800$ billion woh 😊✌
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Correct. I used triple as I like to round up.
We hope that our currency does not far from the commitment, this is the future.
great post keep it up
This is a good call, likely happen Q1or Q2of 2019
I like that as well. If the Bitcoin ETF gets approved this year, it may even happen by end of this year.
I tend to think modern day pension funds would be one of the last entrants? Aren't they quite risk adverse compared to hedge funds etc? I am sure they will enter but I tend to think they won't do so for some time.
I thought so as well. Though, Mike would know better than me as he actually used to deal directly with Pension Fund managers and probably still hobnobs with them at parties etc.
That's a very big prediction coming in well possible too no doubt about it but its all about the time
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This sounds like a scam.