Mike Novogratz, founder and CEO of crypto investment bank Galaxy Digital, says Bitcoin will continue to grow after the long-awaited halving event – but Ethereum will have to catch up.
In a new interview on Fast Money from CNBC, Novogratz says he expects an increasing number of institutional investors to buy BTC after billionaire Paul Tudor Jones called the top cryptocurrency the “fastest horse” in his portfolio.
“I would expect the market to remain at $ 8000 here [or] $ 8,500 and to start trading again right away. In our store we see a huge increase in interest in Bitcoin, in the acquisition of crypto from high net worth individuals, from funds … It feels like a herd is finally coming.
I wait and wait on the institutional side. I think this [Paul] Tudor Jones news is very big news because in some ways it comes with the career risk of looking stupid when buying Bitcoin. ”
Additionally, Novogratz believes that Ethereum will follow Bitcoin’s lead, but says it will take much longer for the second largest cryptocurrency to grow.
“The other projects, with Ethereum being the most promising and second largest, should really continue to develop the underlying technology so that it can be used more often … As the Ethereum project grows, I think the value will increase.
But I don’t think this is today’s news. It will be dragged along with Bitcoin [will then] accelerate only, probably a year or two until it really gets users on the platform. It will be a network effect: the more programmers, the more coders, the more companies the value will increase over time. ”