Mike Novogratz: the cryptocurrency will break all the previous records

June 9

It will reach $20 trillion by cap but that will take time.

The billionaire investor Mike Novogratz disagrees with those calling the cryptocurrency market a «bubble» like the «dotcom bubble» of the 90-s.

«Cryptocurrency is a global revolution. The internet bubble was only a US thing. It was rich US people participating. Cryptocurrency is global. There are kids in Bangladesh buying coins. It is monstrous in Tokyo, in South Korea, in China, in India, and in Russia. We’ve got a global market and a global mania. This will feel like a bubble when we’re at $20 trillion», he said at the Bloomberg Invest Summit in New-York, according to CCN.

In Mike Novogratz’ opinion by mid-2018 the cryptocurrency market will overcome the current correction to aim at $20 trillion record, though it will not happen at once. Novogratz thinks that in the mid-term institutional investors will enter the market.

He explains: «It won’t go there ($20 trillion) right away. What is going to happen is, one of these intrepid pension funds, somebody who is a market leader, is going to say, you know what? We’ve got custody, Goldman Sachs is involved, Bloomberg has an index I can track my performance against, and they’re going to buy. And all of the sudden, the second guy byus. The same FOMO that you saw in retail [will be demonstrated by institutional investors]»

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