Michael Novogratz, the chief executive officer of Galaxy investment firm, is confident that the Bitcoin is going to reach its all-time high value in this calendar 2019. He said that the cryptocurrency space has now started getting investment from large corporations which will help the digital coins in getting wider adoption.
The ex-hedge fund manager and partner at Goldman Sachs, Novogratz expressed this opinion during an interaction. He cited the recent growth of Bitcoin achieved, wherein it moved from the level of $4k to now reaching somewhere around $13.5k. According to the Novogratz, Bitcoin is now going to settle somewhere around $14k for a while before breaching its highest value at a later point in time. Just so you know, Novogratz had earlier also predicted the stabilization of Bitcoin when he opined on the Facebook’s Libra project and suggested that institutional investors should continue to invest in Bitcoin. Contending that Facebook launching a digital coin is a testimony that one of the world’s largest organizations has strong faith in the cryptocurrency and this should lay to rest all doubts about the legitimacy of digital coins in the coming time.
If there is more institutional investment coming into the cryptocurrency sphere, it will be a great thing to happen for the growth of Bitcoin and its value. This institutional investment is the primary reason why Novogratz feel that Bitcoin is going to again reclaim its previous high of $20k value in this year only. Along with the institutional investment, the contribution of mass adoption is also going to be one of the major reasons for the expansion of cryptocurrency. Referring to the 2-billion strong user-base of Facebook, Novogratz said that Facebook’s cryptocurrency Libra is definitely going to get some advantage out of this large number of users that Facebook has all over the globe. He also mentioned the “TON” cryptocurrency which Telegram is going to launch in the market and again emphasized that having a large user-base is definitely a very favorable factor for digital coins. Telegram has around 218-million users, and the company is all set to launch its blockchain very soon. This large number of users is going to provide Telegram an advantage which will definitely come handy for the TON the project. Novogratz also expressed some concerns about the decentralization of Facebook’s Libra project but refrained from making any serious prediction.
Galaxy and its IPO:
It’s interesting to note that the Financial Regulatory Authority has given the Galaxy Digital a nod to go ahead with issuing its initial public offering (IPO). Commenting on this, Ian Taylor who is heading the Advisory Services Department of the company said that now they have achieved the ability to fund technology organizations right from their inception to their IPOs and even further. In order to closely monitor activities and happenings in the crypto sphere, the Financial Regulatory Authority has issued a notice to firms asking them to inform the regulator about all the activities related to their digital assets space. This means all activities, whether related to a business venture, IPOs, issuing of tokens, mining of cryptocurrency, or other allied activity, should be in the know of regulator and company has to furnish relevant information to the authority.