Cryptocurrency will “flip next year”, according to Mike Novogratz, former Goldman Sachs partner and founder of Galaxy Digital.
Novogratz is building the ‘Goldman Sachs of crypto’, a merchant bank that aims to pull institutional money into the digital money space. “2017 was just fun, it was almost stupid,” he told the Financial Times. “[But] this year has been challenging. It sucks to build a business in a bear market.”
Nonetheless, he has high hopes for 2019. He predicts that financial institutions will move from investing in cryptocurrency funds to cryptocurrencies proper during the first quarter of next year. “You’ll see that flip next year. That’s when prices start moving again.”
Novogratz has a history of making bullish declarations. Late last year, he said Bitcoin would hit as much as $40,000. And, well, you know the rest. His critics were quick to pounce following his latest prediction. “For him to say something is going to happen with price, he’s trying to predict something that he has no influence over,” said Tim Swanson, founder of Post Oak Labs.