Michael Novogratz: Wall Street is on the verge of taking Bitcoin and Ethereum

Michael Novogratz, former head of the hedge fund of the Fortress Investment Group, who recently became a cryptocurrency investor, noted that he believes that institutional investors are only a few weeks from the mass adoption of Bitcoin and the Ethereum. 

Novogratz also said that this migration from Wall Street would lead to a sharp rise in prices for cryptocurrencies.

Mike Novograz during the first day of the Reuters Global 2018 Investment Outlook Summit in New York expressed his "bullish" thoughts on the crypto-currency space:

"There comes the institutionalization of this space [cryptocurrency]. It's coming pretty fast."

by Author

 Novogratz noted events such as the launch of trading in Bitcoin CME Group futures in the fourth quarter of 2017. And the recent announcement by CBOE President Chris Concannon that the ETF (Stock Bonds) of Bitcoin will "enter the market" as signs that Wall Street and institutional centers of influence around the world are going to start investing in the best cryptocurrencies - both indirectly and directly - which has never happened before.

Novogratz believes that investing through these cryptocurrency futures and ETF will become extremely simple for institutional investors, which probably means that the tsunami of institutional funds will soon begin to pour into the space of cryptocurrency.

"When it is easy [to invest], the price of Bitcoin or Ethereum will be much higher. And this is much closer than people think."

by Author

 According to Novogratz, reaching a critical mass will take six months, since institutional acceptance will be achieved.

The investor also noted that these futures for the cryptocurrency and ETF would be inherently attractive for more conservative investment companies, as they will provide greater security, less volatility in the cryptocurrency in the ever-growing community.

Back in October Novogratz, who successfully bought 500,000 ETH, when their cost was $ 1 / ETH, in the Fast Money program on CNBC, he predicted that the price of Bitcoin would reach $ 10,000 / BTC before August 2018.

Earlier this would have been an impressive, unprecedented price for the current Crypto currency No. 1, but after the Bitcoin grew rapidly from day to day in November 2017, reaching almost $ 8,000 / BTC, the $ 10,000 / BTC rate does not seem groundless.

  Previously, Novogratz noted:

"I hear a herd of [investors] coming."

by Author

And this herd is Wall Street. Moreover, they have trillions of dollars, which they can invest in the space of currencies over the coming years.

For his part, Novogradets personally carries out banking activities in the space, which continues to grow exponentially, and he is the founder of the investment company Galaxy Investment Partners, a project dedicated to the crypto currency. Soon his company will be able to buy Bitcoin and ETF futures, like everyone else.