Mike Novogratz, the billionaire formerly associated with Goldman Sachs bank, now CEO of hedge fund Galaxy Digital and a staunch promoter of cryptocurrency and blockchain technology, shared his thoughts on the current state of the bitcoin market in an interview with CNN Money channel. Mike Novogratz, the billionaire formerly associated with Goldman Sachs bank, currently CEO of hedge fund Galaxy Digital and a staunch promoter of cryptocurrency and blockchain technology, in an interview with CNN Money channel shared his insights on the current situation in the bitcoin market. This is not the first interview in recent days, in which Novogratz expresses his view that bitcoin has already reached its lowest value this year, and now its growth can be significantly influenced by institutional investments: So we're now seeing institutions getting involved ... getting involved on a large scale ... the moment Starbucks or Microsoft allow you to use bitcoin as a payment channel to buy a latte, or video games, the moment you start to see more adoption, watching people start to get comfortable with it, it makes it seem like it [bitcoin] needs to rise." We're dealing with sudden institutional FOMO [ed. Fear of Missing Out]. You're going to see big announcements ... At Goldman Sachs, they're already announcing the launch of [cryptocurrency] deposit services. And as deposit services and providers of other types of services emerge within and around the system, it provides an opportunity for pension funds or policies to get involved." The current generation sees the value of bitcoin as "digital gold," Novogratz emphasizes: I think of blockchain, or bitcoin, literally as digital gold, as a means of storing value, in the same way I think of gold. And as more young people grow up, they feel much more comfortable in the digital world. Intuitively, it makes sense. Why shouldn't I own digital gold?" When asked by a CNN Money reporter about the bitcoin exchange rate in the months ahead, Novogratz responds: We're dealing with some key levels right now. We need to beat the 6,800 level and when that one breaks, we'll get to 8,800, 9,000[$]. When that one breaks, it will give us 10,000. However, those kinds of numbers seem reasonable to me before the end of this year. You won't be able to see massive growth until institutions actually start buying really big. Right now the architecture is being set up ... it's going to take some time ... for that reason I would say - it's in the first quarter of next year that you'll really start to see that movement." Tags bitcoin CNN Galaxy Digital cryptocurrencies Mike Mike Novogratz Novogratz interview
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