Mike Novogratz took a bullish but cautious stance on the general cryptomarket. He clarified in an exclusive interview that came out yesterday.
During the Beyond Blocks Conferences, held at Korea Blockchain Week, Novogratz spoke with Crypto Trader's Ran Neuner; sharing his views on the prices of Bitcoin and its future as a cryptocurrency, the possibilities of adoption, the Bitcoin ETFs, the situation of the ICOs and its forecasts.
Novogratz was confident in saying he believes Bitcoin has Bottomed, an opinion that has been shared by several experts. According to the well-known investor, the 6.8k is a support that has been tested several times, acting as a rebound point for the new upward series:
"I do not think we will run away I think a Bitcoin take at 6.800 you have a nice pump but I think we are really building a good fund for the next upside. "
Mr. Novogratz: Focusing Fundamental Analysis
For Novogratz, the real bullish run of bitcoins depends more on fundamental factors than on technical factors. The regulatory framework and custody and security of funds are two essential elements that will allow Bitcoin to grow in value beyond the typical market trends:
"I think the next step requires custody from a reliable source that will need to a little clarity of regulation you know we will not pull out ten thousand without these two things because that is what institutional investors bring, but we will get there. "
As the bitcoin has hit the bottom around 6.8k. Mr. Novogratz is based on fundamental analysis. For Novogratz, the growing adoption is a sign of the real value of Bitcoin (BTC) and is the main argument for which he believes that Bitcoin will not fall further.
"You know we've tested the downside and the kind of but I'd see it slowly but surely more adoption you know there are more people in these conferences than there are more people working in this space … so c & # 39; this strange scenario where individuals are actually richer at this time than what I & # 39; called the publics. "
For Bitcoin (BTC ) Climb, Larger names must enter
For Novogratz, institutional investors need a certain level of security to be willing to invest in crypts. They need to get important names like Nomura, Goldman-Sachs, etc. Involved before seeing significant institutional investments. The work of fintech and companies like Coinbase, Bitgo and Xapo is irrelevant to the decisions of the big capitalists.
The time of his prophecy about Bitcoin (BTC) could be close. He said he thinks it could be done in 6 to 18 months. He also believes that the global market capitalization of 800 billion can be achieved over a period of 12 months.
"We will take out ten thousand, then we will go to twenty thousand because we will only take out [when] you have custody under way, and this will reignite the animal spirits in the FOMO."