Billionaire investors and hedge fund manager Michael Novograt, who has been among the early supporters of cryptocurrencies and the Bitcoin movement said at the Bloomberg Invest Summit in New York that the cryptocurrency market might hit $20 trillion dollars’ market capitalization. We have for you here the latest cryptocurrency news.
While talking with Erik Schartzker in New York, Novograt expressed his thoughts on virtual currencies and Bitcoin. Novograt, who has made a name for himself by making accurate predictions on cryptocurrency and the crypto community, is of the firm opinion that the market.
Novograt was asked his views on the way the virtual currency market functions, and about its future during the interview.
Even though Bitcoin and other cryptocurrencies had hit an all-time high during December 2017 and January 2018, the market is now experiencing one of its biggest lows at the moment. According to Novogratz, the cryptocurrency market will re-bounce from mid-2018 onwards as the market sets new records. The market capitalization of cryptocurrencies as per him is likely to reach $20 trillion market valuation. There have been times in the past when cryptocurrencies touched a market valuation of approximately $900 billion dollars, almost nearing 1 trillion.
Novogratz compared the last bull run with that of the bubble experienced in 1996 by dot-com companies. Later, the market touched a valuation of $6 trillion dollars in the year 1999.
Difference between internet bubble and cryptocurrency
Further elaborating on the difference between the internet bubble and cryptocurrency, Michael Novogratz said that while the dot-com bubble was focused on the US, cryptocurrency is a global phenomenon.
Cryptocurrency is a global revolution. The internet bubble was only a US thing. It was a 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.
Novogrtaz clearly understands that the path towards achieving $20 trillion is not going to be easy. He spoke in detail about how institutional investors would play a key role in the future bull run. Most of the investors were individuals during the last crypto boom, as per Novogrtaz. However, institutions and wealthy investors will have an important role in the next market surge.
The latest cryptocurrency news gives us a feeling that cryptocurrencies will have a huge role to play this year and in the coming years. It is not going to be anything like the internet boom in 1996.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]