Mike Novogratz, the CEO of Galaxy Digital, has been guilty of bullish claims in regards to Bitcoin for quite a while. In his recent appearance on CNBC, the billionaire confidently reiterated his positive crypto predictions.
CNBC Fast Money, which focuses on assets that see rapid prices movements, recently invited a well-known cryptocurrency proponent, Mike Novogratz to participate in their Bitcoin-related segment. In relation to his latest tweet, where he “called a bottom,” the former hedge fund manager explained that forecast was spawned from technical indicators and the so-called “ICO sell-off” which might as well be exhaling its last breaths.
Novogratz further noted that could build off Friday’s rebound to move even higher as the long-touted catalyst of Institutions “getting ready to be in this space,” is on the rise. The Galaxy Digital CEO also added that is a significant amount of closed-door deals, such as Telegram’s $1.7 billion private coin offering, that imply institutional interest in cryptocurrency markets
In addition, financial service providers, like Goldman Sachs and ICE, are continuing to construct the framework to facilitate the global adoption of cryptocurrencies. He stated:
“It’s also a bull market in institutions building the infrastructure needed for real money investors to start investing in this space… I think that in three to six months from now, there will be an “all clear” sign for people — big institutions and pension [funds] — to start investing.”
Read more: Citigroup, Morgan Stanley’s Roadmap Shows Institutional Demand For Bitcoin is Surging
Novogratz also spoke about the challenges that still lie in front of the digital assets. He highlighted that Bitcoin still require to stably stick to key levels, like $6,800, $8,800 and $10,000, for instance to breach the current bear market. Once the aforementioned price levels are reached and aligned with the widespread institutional investment , “the sky’s the limit,” for bitcoin.
Novogratz, divulged as an respected industry insider, that “one of the most influential endowments [in the world]” had made an investment into a “Bitcoin fund.” While he kept the name of the endowment a secret, he explained that when officially releases this news will cause an “institutional FOMO” , that will be equivalent if not more to last year’s “retail FOMO.”
Closing his 11 minutes arguments in favor of the foremost cryptocurrency, Novogratz explained that it is impossible for bitcoin not to hit $10,000 by this year.