Mike Novogratz — the CEO of cryptocurrency merchant bank Galaxy Digital — admits that the Crypto Winter will probably last longer than he had anticipated. However, the Goldman Sachs alum still believes that institutional investors will eventually enter the market, and remains an avowed bitcoin bull.
Mike Novogratz ‘Very Confident’ of Institutional Entry
Novogratz tweeted: “Don’t think we head north for at least a few more months. Always take longer for institutions to move. Very confident they will. Tons of activity under the hood. Stay the course.”
Had Set $20,000 Bitcoin Price Target for 2019
The protracted market slump has caused many a crypto enthusiast to scale back their exuberance. And Novogratz is one of them.
In November 2018, Novogratz boldly set a $10,000 bitcoin price target for the end of the first quarter of 2019. He also predicted that bitcoin would top $20,000 this year.
But as the market slump continues with no signs of an immediate reversal, Novogratz has now apparently adopted a more sober outlook.