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The former hedge fund manager of Fortress Investment Group believes that institutional investors will adopt bitcoin over the next six months.
Mike Novogratz, a retired macro fund manager on Wall Street, firmly believes that financial companies will start offering Bitcoin as an investment option. So much so, that he thinks it will be as simple as ordering by phone, reports CNBC.
Speaking at the 2018 Reuters Global Investment Outlook Summit in New York, Novogratz, who owns 10% of his net worth in Bitcoin and Ethereum, said:
When it's so easy, the price of bitcoin or the ethereum goes a lot higher. And it's much closer than people think.
Novogratz, managing director of Galaxy Investment Partners, a firm that would bet on cryptocurrency, said last month that Jamie Dimon, CEO of JPMorgan Chase, was a "tenant" and that he was going to lose the battle against cryptocurrencies.
At the time, Novogratz was speaking out against the remark of & # 39; & # 39; Bitcoin is a fraud of Dimon, stating that as a banker, Dimon had no choice but to belittle the digital currency. Yet, despite critics expressing their opinions on the market, the trust of the former hedge fund manager with cryptocurrency remains. So much so that in October he reportedly said he would reach $ 10,000 in six to ten months, saying institutional investors had already started investing in bitcoin.
However, while he believes that financial institutions will accept bitcoin over the next six months, he failed to name a specific company, adding:
The institutionalization of this space is coming. It comes pretty fast.
During the recent fall in the value of bitcoin, which saw it drop to $ 5,500, Novogratz would have bought $ 15-20 million of digital currency. One of his regrets was not to buy more cryptocurrencies before when prices dropped. He is now focusing on creating what he hopes to be the biggest crypto-hedge fund.
In September, Bloomberg reported that Novogratz launched its own $ 500 million encryption fund to invest in digital currencies, country offices and related companies. He is investing $ 150 million of his own money into the fund and plans to raise the remaining $ 350 million by January.
Such is his support for the digital currency market that Novogratz firmly believes that in five years, the combined market value of all cryptocurrencies will be worth $ 5 trillion. However, for this to happen, companies need to develop business principles that satisfy regulators. At the time of publication, it is worth more than $ 206 billion.
Featured image from YouTube / Bloomberg TV Markets and Finance.