Crypto Industry To Mark Turnaround in 2019, Says Renowned Crypto Figurehead

Nov 26, 2018 at 20:45

Michael Novogratz, the popular ex-partner at Goldman Sachs and also a former hedge fund manager at Fortress Investment Group, claimed anew that the crypto market will “flip next year.”

In an interview with Financial Times, the official who is now serving as chief executive officer of Galaxy Investment Partners recognized that 2018 has been a challenging year for the industry but mentioned that prices will start moving again in 2019.

The publication also quoted Novogratz stating that “it’s easy to get skeptical but there’s something happening” in the market due to various developments led by major figures in the traditional financial sector.

He said next year’s launch of Bakkt–a digital assets platform created by the operator of the New York Stock Exchange as well as the Fidelity investment firm’s digital assets management services for institutional investors–will be major drivers in 2019’s crypto resurgence.

However, Financial Times also took the side of Tim Swanson, founder of fintech advisory firm Post Oak Labs founder, saying that Novogratz is just “trying to predict something that he has no influence.”

As of this writing, Bitcoin is up by 5.81 percent to $4,047 a piece with a market cap of $69.2 billion.

Last June, Novogratz also said that institutional investments will soon flood the crypto industry and become its major driving force for its value to skyrocket again soon