In a new interview, Galaxy Digital CEO and former Goldman Sachs partner Mike Novogratz says the cryptocurrency market will “flip next year.”
Novogratz told the Financial Times that that big moves like the launch of the crypto platform Bakkt, run by the operator of the New York Stock Exchange, and Fidelity, having recently created a new digital asset platform of its own, point to prices shifting in a positive direction in the coming months.
According to Novogratz, improvements to institutional infrastructure will make big players comfortable in making a switch from investing in cryptocurrency funds “to investing in cryptocurrencies proper in the first quarter of next year.”
He notes says 2018 has been challenging for Galaxy Digital, saying it “sucks to build a business in a bear market.” He still has high hopes for his company, and envisions it one day become “the Goldman Sachs of crypto.”
The Financial Times included some of that skepticism in their story by quoting Tim Swanson, founder of fintech firm Post Oaks Labs. Swanson says that Novogratz is “trying to predict something that he has no influence over” by predicting price future price action in the crypto market.
FT also cited an anonymous blockchain company founder who said, “one of the biggest problems in crypto is the lack of credible merchant banking,” saying that Galaxy Digital is “well placed to be the first to take advantage of new markets.”