Mike Novogratz Predicts Bitcoin (BTC) Burst to $20,000, Says Institutions Realize Crypto Revolution Inevitable

Ex-hedge fund manager Mike Novogratz says institutional investors see a cryptocurrency revolution coming.

The founder of the full-service crypto merchant bank Galaxy Digital Holdings says he thinks 8 out of 10 institutional investors will be invested in cryptocurrencies within the next five years. In a new interview with Finance Magnates, Novogratz says,

“Besides Bitcoin becoming a proxy for gold, there’s a digital revolution going on, and payments are going to shift over time. There will be a ‘crypto dollar’, just like there’ll be a ‘crypto yuan’ and a ‘crypto euro’… I think every portfolio will have crypto in it…

Even the guys that aren’t in yet, they all realize that there’s an inevitability that we’re going to end up with a lot of crypto assets. It’s a question of when.”

The widespread crypto adoption in the world of institutional investing may start with a change in the US regulatory landscape.

In a separate interview on CNBC’s The Exchange, Novogratz says the anticipated departure of Jay Clayton as U.S. Securities and Exchange Commission (SEC) chairman will be good for the crypto industry. Under Clayton’s watch, the SEC denied proposals for a Bitcoin exchange-traded fund (ETF).

“As crypto guys, we have been wanting somebody a little bit more engaged, a little bit more active, a little bit more forward-looking, and so hopefully, you know, there are plenty of good people out there.”

The Galaxy Digital head also says the United States needs to act fast, or it will be left behind by other nations in terms of crypto adoption.

“We are moving into a digital era and we’re still talking about quarters versus nickels. China actually suggested with Japan, Korea and Hong Kong to do a regional cryptocurrency that becomes their trade currency…

It’s impossible for me to think that at some period of time, we don’t have stablecoins or crypto versions of the dollar, a digital version of the dollar, that really become what we transact in.”

Novogratz says the threat of playing catch-up will drive the US to adopt cryptocurrencies, but he doubts Bitcoin will replace the US dollar. He expects BTC to explode soon as the Fed continues to pursue a policy of unlimited money printing.

When you keep putting more and more dollars into the system, the value of the dollar could go down. The possibility of a dollar devaluation is higher… People are using Bitcoin as a hedge against that…

It will surprise me if we don’t take out $10,000 soon and after that, you’re going to see $14,000 and $20,000.”

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