In addition to his new statements about EOS, billionaire and ex-hedge fund manager Mike Novogratz says a crush of Wall Street money is moving into the cryptocurrency market.
At Blockchain Week in South Korea, Novogratz said a “herd of institutional investors” is heading into cryptocurrency, reports TheStreet. Novogratz has invested 10% of his portfolio into a number of cryptocurrencies including Bitcoin, Ethereum and EOS.
At the close of Blockchain Week, TheStreet asked Novogratz to expand on the ways big money is getting into crypto.
“I think institutional investors are slowly coming to the realization that blockchain will be Internet or Web 3.0, and they’ll want to participate just like they want to participate in the Web.
Their first way of participating is going to be through venture-capital funds. Many of them are already participating because they’ve invested in Sequoia or Polychain or Benchmark or many of the other VC funds that invest in this area. The second step for them will be buying the coins and/or the ICOs themselves, but many of them are participating in the ICOs already through their venture investments.
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Some of the venture capitalists who were original investors in the cryptocurrency market – like Marc Andreessen and Fred Wilson – were very early, but most did not participate so much. Funds like MetaStable, Pantera and Polychain got set up to invest in these projects. It’s like ourselves with Galaxy.
Now, all of the venture capitalists are also investing – including SoftBank, SBI in Tokyo and many funds in Hong Kong. And so there’s a lot more competition for good projects.”
Late last year, Novogratz told Bloomberg that he believes Bitcoin will reach $10,000 by the end of 2018.
