What has made the CEO of Galaxy Digital so confident about the BTC reaching its all-time high? Well, recently he said that due to the institutional interest, the world’s largest crypto- BTC rates would be propelled to its all-time high. He even sees this prediction coming true right within this year.
In an interview, he pointed at the recent growth trajectory of the crypto coin. To illustrate, he pointed at how the crypto coin moved from 4K U.S. Dollars mark to 13.5K U.S. Dollars mark. Novogratz is confident that the world’s largest crypto will soon stabilize between the 10K U.S Dollars to 14K U.S. Dollars mark. It is not just now that he is predicting about this stabilization, he said the same thing last month too. A month ago, referring to Facebook’s native crypto- ‘Libra,’ he said that one of the largest companies of today’s time has strong faith in the potential of the cryptocurrency. He rather encouraged institutional investors to boldly forge ahead in this investment direction.
Therefore, the more actively the institutional investments will be made, and more participation will start to flow in, the stronger the growth of BTC will be. Based on this, the CEO of Galaxy Digital said that there are high chances that BTC will reach 20k U.S. Dollars mark within 2019.
The role of mass participation was another thing the CEO of Galaxy Digital points out. He referred to the huge user-base of Facebook (2 billion users.) Facebook’s native token- Libra, will get enough exposure and in their own respective ways and scale the user base of the platform will participate in the crypto token. Similarly, he pointed at the forthcoming crypto coin of Telegram- ‘TON.’ In any business, audience reach is a determining factor in success. The big user base is certainly a very favorable factor. On this, he said the following-
In about two or three months, Telegram is launching their blockchain. Telegram is about 218 million users. So before Facebook launches, we are going to have a real view at an experiment called Telegram, where they also have a user base.
Additionally, last month, Novogratz said that the FB native token would attract a hundred votes. It will get distributed, but it may not be decentralized. There are plans to be decentralized in the future, though. He further added, that the money will be made in FB wallet, which will account o be a big chunk of blockchain-based commerce. It will be interesting to see how this pans out.
Further, Galaxy Digital got a green signal from FINRA Financial Regulatory Authority for conducting initial public offerings, i.e. IPOs. On this the Head of Advisory Services for Galaxy Digital- Ian Taylor had the following to say-
We now have the ability to finance digital asset and blockchain technology companies through their entire life cycle — from founding, through private capital raisings, to their initial public offering and beyond.
On the other hand, on 25th, the Financial Industry Regulatory Authority (FINRA) issued a Regulatory Notice 19-24. This Regulatory Notice is for its member firms. The main purpose of this notice is to motivate the member firms of FINRA to inform the Regulatory Authority about any kind of engagement or even the intention of involving with the activities related to the digital asset. Any direct or indirect activities such as futures, options, derivatives, an initial or secondary offering of crypto tokens, custody, acceptance of cryptos, mining, recommendation, solicitation or acceptance, etc. of the digital assets. The deadline to submit the relevant information is until July 31st, 2019.