Novogratz to Make Another Bullish Forecast on BTC

Galaxy Digital founer believes that thanks to institutional money, the price of Bitcoin will reach $ 8,000 this year
14 February 2019   150

The founder of Galaxy Digital, Mike Novogratz, in a conversation with Bloomberg, expressed the opinion that in March of this year, custodial solutions for cryptocurrency will start to run, which will pave the way for institutional money.

All the architecture that institutions need to feel comfortable with this is being put in place. You’re going to start to see custody come online.

Mike Novogratz

Founder, Galaxy Digital

He stressed that at the beginning of spring, signs of the emergence of “smart money” will be visible on the market. According to him, only Fidelity investment company has 200-300 customers who are interested in Bitcoin investments. However, he notes, big business will enter the market gradually, as caution is characteristic of whales.

Over the next six to 12 months you are going to see institutions put a small amount of their assets. A small amount of institutional assets is a lot of money.

Mike Novogratz

Founder, Galaxy Digital

The increase in demand will inevitably affect the price - thanks to institutional money, the price of Bitcoin will reach $ 8,000, Novograz is sure. After that, being “digital gold”, Bitcoin will become even more distinguished from the rest of cryptocurrencies.

Arguing about the lingering “cryptowinter,” the founder of the Galaxy Digital said that last year showed “how painful bursting bubbles can be.” Now that the frenzy of retail investors has faded, and with it the inflated prices of thousands of digital assets, the industry is preparing for a structural shift from the “people's revolution to institutionalization”.

SEC to Start VanEck-SolidX BTC-ETF Consideration

Starting today, the 45-day countdown to the SEC initial decision was launched
20 February 2019   107

For the first time since August of last year, two proposals on the creation of a Bitcoin-ETF are under consideration by the US Securities and Exchange Commission (SEC).

The application of VanEck and SolidX, issued in cooperation with the Cboe BZX exchange, as expected, was included in the Federal Register issue this Wednesday, with which the 45-day countdown to the SEC initial decision was launched. The application of Bitwise Asset Management and NYSE Arca was published last week.

I … hope that our investment in regulatory and market education, hard work and commitment will be honored when the time comes.

Gabor Gurbacs

Director of digital asset strategy, VanEck

The head of Bitwise’s research department, Matt Hogan, believes that not only firms that have submitted bids to create Bitcoin-ETFs are looking for approvals, but and the entire “extremely fast-growing” crypto industry.

A year ago there was maybe one qualified crypto custodian … and now there are half-a-dozen, and that number will go up from here. A little more than year ago, we didn’t have futures. A year ago we didn’t have nearly as many firms making markets. A few months ago, you didn’t have folks like Fidelity announced in the space. It’s evolving really, really quickly.

Matt Hougan

Global head of research, Bitwise

 As reported, ultimately, however, a bitcoin ETF approval will depend on how companies approach their proposals.