Bitcoin Billionaire Michael Novogratz Says The Crypto Market Has Reached A ‘Classic Bottom’

Friday, September 20, turned to be a good day for crypto investors as the market was splashed with a green wave of optimism. The cryptocurrency market added nearly $20 billion, as Ripple (XRP) turned-out to be the match-winner for the day. Ripple’s magnanimous 50% price surge in a single day caused it to move ahead of Ethereum in terms of market cap for a few hours, before finally retracing back to the third-position.

Hedge fund titan Mike Novogratz also said that the crypto market has already reached a bottom. While speaking at the Yahoo Finance’s All Markets Summit on Thursday, Novogratz said that the market is experiencing “seller fatigue”.

Moreover, Novogratz also sounded quite bullish on the Bitcoin price movement saying that it is now headed for an upswing. Moreover, while appearing on the CNBC Fast Money show, Novogratz also made a sensational revelation that one of the most influential institutional investors has parked its money in a Bitcoin Hedge Fund. However, Novogratz has refused to reveal the name at the moment.

Novogratz also said that as some few big-players make entry into the crypto market, the dice will then start to roll faster with more institutional players chipping-in. And yes, Bitcoin will provide the much-needed entry point. “So I do think that Bitcoin is going to outperform for a while and I am not a Bitcoin maximalist but everyone who is talking about institutional investors is going to start with Bitcoin,” said Novogratz.

Novogratz expects a major impact in institutional money flow into the crypto market by the Q1 and Q2 of 2019. Moreover, he also stated that he expects Goldman Sachs to reveal further details regarding their custodial services in the coming few weeks. 

So far, the word has been that institutional investors refrain from entering the cryptocurrency market as there are not enough trusted platforms or products relating to them. Some big companies like Coinbase exchange have already started working in this direction.

Moreover, global giants like Intercontinental Exchange (ICE) and Nasdaq have shown interest in launching a crypto trading platform. Last month in August, NYSE also announced the launch of the Bakkt platform, a global ecosystem for cryptocurrency assets.

While commenting on how big-players are participating in creating the necessary infrastructure for institutional entry, Novogratz said: “It’s also a bull market in institutions building the infrastructure needed for real money investors to start investing in this space… I think that in three to six months from now, there will be an “all clear” sign for people — big institutions and pension [funds] — to start investing. I think it’s going to happen we’re talking to lots of them and at that point you know the sky’s the limit.”