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Cryptocurrency markets "will reverse next year"

Mike Novogratz, a former member of Goldman Sachs and founder of Galaxy Digital, said he expects the cryptocurrency to "pick you up next year" in an interview published by Financial Times (FT) on November 23rd.

During the interview, Novogratz stated that "this year has been challenging" for Galaxy Digital – a company that will hopefully become "the crypto Goldman Sachs" – adding that "it sucks to build a business in a bear market ".

According to FT, Novogratz has predicted that financial institutions will move from "investing in cryptocurrency funds to invest in cryptocurrencies in the first quarter of next year".

As reported by FT, Novogratz also predicted that the cryptocurrencies "will reverse next year" as "prices start moving again".

FT also cited Tim Swanson, founder of the fintech consulting firm Post Oak Labs, saying that Novogratz was "trying to predict something it does not have any influence" every time it says "something is going to happen with the price".

Swanson added that many companies have been trying to do what Galaxy Digital is currently doing without much success, concluding "welcome four years ago!"

The article also cites an anonymous founder of a blockchain company that states that "one of the biggest problems in crypto is the lack of credible merchant banking" and that Galaxy Digital is "well positioned to be the first to take advantage of the new markets ".

According to FT, Novogratz said that "it is easy to be skeptical but something happens" after detecting the developments of the cryptocurrency led by important figures in traditional finance.

In particular, Novogratz cited the forthcoming Bakkt, a digital asset platform created by the manager of the New York Stock Exchange (NYSE), and digital asset management services for institutional investors recently announced by the leading Fidelity investment company.

This week, the Chief Operating Officer (COO) of the global encryption processor BitPay has also stated that these two moves from the traditional financial sector will cause the next big price action of the crypt. The COO, Sonny Singh, ventured that Bitcoin (BTC) will reach $ 15,000 to $ 20,000 by the end of 2019.

Bitcoin is currently seeing new lows of several months, down about 11% at the time of printing to trade at $ 3,850.

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