On 26th September 2018, the founder and CEO of Galaxy Digital was interviewed by CNN International correspondent Paul Newton on the famous TV episode “Markets Now.” Novogratz observed that recently, crypto exchanges and giant financial firms have started valuing the cryptocurrency industry more than ever.
“Starbucks and Microsoft allow you to use Bitcoin (BTC). As you see more adoption of just people being comfortable with it, it feels like it’s going to go up.”
Novogratz further suggested that more international and local financial institutions will join the crypto world for fear of missing out on the golden opportunity. “There is an institutional FOMO going on all of a sudden,” he stated.
Soon, BTC may emerge as the world’s financial portfolio. “As you start getting custody and service providers in around the system, it allows pension funds and endowments to get involved.”
Bitcoin: The Store of Value
Novogratz further said that the entire world has started considering BTC as a store of value, better than Gold.
Galaxy and Bloomberg teamed up to create Bloomberg Galaxy Crypto Index in May this year. The index tracks the price performance of the top ten cryptocurrencies.
The value of one BTC skyrocketed to almost $20,000 in December 2017, then declined by almost 75% in the better part of 2018. Novogratz strongly believes that BTC reached the bottom of its pit this month. His forecast is that BTC will increase by 30% in the next three months and in early next year, the coin will move at a great momentum again.
Novogratz’s Anticipation of the Monster Weed Business
Other than his bullish character on the crypto market, Novogratz is also cautious concerning Cannabis. He compares the 092618 crypto market with the 04 Cannabis market and says that they are fair.
“There is a lot of similarities to crypto of 2017. There is a limited supply of something that is going to be a major, major theme over the next 5-10 years.”
The stock market of a Canadian Cannabis Firm Tilray (TLRY) fluctuated greatly last week making some financial experts to suggest that imminent investment from giant firms like Coca-Cola and Constellation Brands was the main cause of the price fluctuation.