In a recent interview, Novogratz discussed the differences of the cryptomarket at the end of 2017 and now. He believes that the market has properly bottomed out to make the next move upwards, and it will be sped up with the introduction of improved policies. He explains his faith in this scenario by gradual acceptance of digital currencies. The number of people joining conferences on digital currencies is rising, and so does the number of people joining businesses related to this sector. In addition, more private organizations start joining the cryptomarket by financing related companies via VC funds.
Novogratz highlights the necessity of regulations, which is needed to attract more institutional financiers. It will be easier to convince them to join as soon as they see such big names as Goldman Sachs. Nevertheless, Novogratz thinks that Coinbase Custody and BitGo fail to do this, in spite of their promising future.
Previously, Mike Novogratz’s statement about cryptomarket cap reaching 800 billion USD by the end of 2018 seemed funny and not many people took it seriously. However, it started to look more realistic when the capitalization dropped by 500 billion US dollars within half a year.