Major Cash coming to bitcoin as investors seek to fill portfolios with Electronic Money — RT Business News

The buyer, who has lately expressed interest in cryptocurrencies, said a turning-point product from a enormous financial company is going to be offered shortly. Novogratz declined to specify the title of the company.

— RT (@RT_com) October 23, 2017

“If it’s that easy, the cost of bitcoin or ethereum will go much greater. And that is a whole lot closer than people believe. The institutionalization of this space is coming. It’s coming pretty fast,” he said at the Reuters Global 2018 Investment Outlook Summit in New York.

Novogratz is currently at the helm of both Galaxy Investment Partners, a company that bets heavily on virtual currencies and associated enterprises. Last month, he said bitcoin might hit the10,000 mark by March 2018.

— RT (@RT_com) June 26, 2017

At the exact same time, Novogratz warned that bitcoin may become the biggest bubble of our time, stressing that “bubbles occur about things that fundamentally alter how we live.”

The businessman added that he had bought $15 million to 20 million worth of bitcoin through the most recent pullback in the bitcoin cost over the weekend. Bitcoin suffered a significant cost collapse, losing almost a third of its value in under four days. Since then, the world’s hottest cryptocurrency managed to rebound back to about $6,600 per token. Last week, bitcoin touched a record peak of7,882.

— World WealthCreation (@WorldWealthConf) September 5, 2017

In accordance with Novogratz, Galaxy Investment’s biggest holding is within bitcoin using a “very big” share kept in ethereum and nearly 35 distinct tokens and companies. The supervisor declined to comment on the precise figures.

Novogratz said his main regret this season has been not purchasing more virtual currencies, for example ethereum, when prices dropped because he understood that they would continue climbing.

Leading institutional investors will begin to provide bitcoin or similar products as an investment option in six months or so, according to Mike Novogratz, the prior macro hedge fund manager at Fortress Investment Group.

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