Billionaire crypto bull Mike Novogratz says the stage is “finally” set for institutions to jump into crypto.
Novogratz told Bloomberg a flow of new money in the space from platforms like Fidelity Digital Assets will set the stage for a Bitcoin rally to $8,000.
“Over the next six to 12 months you are going to see institutions put a small amount of their assets in digital currencies. A small amount of institutional assets is a lot of money.”
Novogratz says he expects to see a steady increase in investments from money managers, and predicts many will “want to see how it goes before committing capital.” His bullish outlook follows news that Morgan Creek Digital has successfully launched a new fund, raising $40 million from two public pensions, a university endowment, an insurance company, a hospital system and a private foundation.
Right now, the crypto markets are mixed according to the price tracker Coin360, with Bitcoin down 0.79% at $3,606.
Technical analysts are targeting Bitcoin’s next break and appear to be bullish on XRP and Ethereum in the short-term, with Tron looking decidedly more bearish.
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