Mike Novogratz: 5-6 years remain before the mass distribution of cryptocurrencies and blockchain
Former hedge fund manager Mike Novogratz believes that there are still 5-6 years before the mass adoption of blockchain and cryptocurrencies. About writes this Blokt portal.
Speaking at the Beyond Blocks conference in South Korea, The CEO and founder of the cryptocurrency investment firm Galaxy Digital expressed confidence that in the next 2-3 years the industry digital currencies many financial institutions will join. “Otherwise, we will continue to run in circles,” he said..
However, one should not count on the massive adoption of cryptocurrencies in such a short time, Novogratz said. In his opinion, one of the main obstacles to the spread of technology is the growing “cost of technical talent”, as well as the doubts of traditional investors who are embarrassed by the “lack of an obvious precedent in the financial industry.”.
“Think about how institutional investors work. It’s hard to take and tell your boss, “I keep my money in a place you’ve never heard of.” A trusted custodian with a big name – a Japanese bank, HSBC, ICE, or Goldman Sachs – is needed to institutional investor could feel comfortable, “he explained.
The former Wall Street CEO also highlighted the importance of proper market regulation at the state level and urged the general public to join the cryptocurrency space, adding that people do not need to understand the details of the technology..
Novogratz said financial regulators are focusing primarily on large institutions such as JPMorgan and Goldman Sachs, while the industry is based on individual investors. It is to such investors that they should turn their attention, he said..
Previously at Goldman Sachs and Fortress Investment Group, Novogratz founded the Galaxy Digital cryptocurrency trading bank in January 2018. In May, he and Bloomberg launched the Bloomberg Galaxy Crypto Index (BGCI).
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