Revolutions Don’t Happen Overnight: Mike Novogratz bets on Bitcoin

Author: Ilija R
Date: 
December 14, 2018
Read time: 
2 minutes

Mike Novogratz is one of the first people on Wall Street to open-heartedly accept Bitcoin as well as cryptocurrencies in general. He was one of the first institutional investors in cryptocurrency markets. That being said, he has made some bad trading calls during the year of 2018. His company, Galaxy Digital Holdings Ltd. has reported $136 million in trading losses. However, Novogratz claims he is extremely bullish on cryptocurrencies.

Mike Novogratz is one of the first people on Wall Street to open-heartedly accept Bitcoin as well as cryptocurrencies in general. He was one of the first institutional investors in cryptocurrency markets. That being said, he has made some bad trading calls during the year of 2018. His company, Galaxy Digital Holdings Ltd. has reported $136 million in trading losses. However, Novogratz claims he is extremely bullish on cryptocurrencies.

The fact is, cryptos are not going anywhere, and it is only a matter of time until mass adoption and usage become a reality.

 

What is Bitcoin to Novogratz?

As many news outlets have reported, Novogratz says that he believes Bitcoin is going to be digital gold at some point. He also compares Bitcoin to real gold in terms of characteristics and value. “All the gold ever mined in the history of the world fits in an Olympic-size swimming pool,” he said. “You’re out of your mind to think that pool’s worth $8 trillion. But it is because we say it is.”

Mass adoption of cryptocurrencies surely takes time, and early development setbacks should not be a detriment to the success or failure. “Revolutions don’t happen overnight,” Novogratz said.

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Cryptocurrency's Investment Potential

Many compare the current state of cryptocurrencies to the internet in the year 1992. The potential to revolutionize and change the world is there, and many smart and knowledgeable people see it, hence so many new projects as well as investors. Cryptocurrencies are now under the keen eye of many institutional, as well as well-known retail investors. Even the university endowments of universities such as Yale, Harvard and Stanford announced their involvement in the cryptocurrency markets.

Even in the downtrending markets, many people stay bullish. Mike Novogratz predicts new highs sometime during the next year and says that the December of 2017 was extremely parabolic and crazy, but that the fall was inevitable. However, people should not be afraid of Bitcoin going to zero.

Is now the right time?

“So is now the right time to start investing?” - One might ask. With the price so far away from the all-time highs, it’s safe to say that now is a great time to get started investing. The fact is, cryptos are not going anywhere, and it is only a matter of time until mass adoption and usage become a reality. If you want to begin investing and learning about these new markets, check out our start investing guides!

Posted by Ilija R

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