Billionaire and business Mike Novogratz manifested his upbeat appreciation of the prospect of the cryptocurrency market: in his view, the capitalization of all tokens will ultimately hit $20 trillion.
The former trader of Goldman Sachs and Fortress Foundation spoke about his speculation of the outlooks of the digital currency market. He launched a “bullish” forecast, according to which the total market capitalization will finally pull-off $20 trillion.
He shared with the publication of Bloomberg at the Invest Summit forum, showing his vision of the domestic economy of the crypto-currency market. As cited by him, if the take-off of quotations last year was a “soap bubble”, then with such a decrease it would “burst” and the market would run out of capitalization. Novogratz compared what was occurring to the undeveloped Internet realm in the US in the 1990s. He believed that block-technology differs from it that digital currencies are a novel round of technological development and not something that has developed on one fuss. If the foundation of the Internet bubble in the 90’s engaged a small number of wealthy American, then the crypto-industry is worldwide. It has very solid positions in Korea, Japan, China, India, and Russia. We are struggling with a global market and global interest. I believe that this market, over time, can thrive to $20 trillion.
The economists are assuring that the quotations will be corrected in the second half of this year, after that it will be feasible to await the establishment of new records both in price and in capitalization. After that, the investor can see the achievement of a sizeable figure of $20 trillion despite the fact that the maximum capitalization, which hit the cryptocurrency at the moment is $900 billion. That is, the record will be surpassed more than 20 times.
Mike Novogratz reasons that all market movement, so far, has delivered small capitals of enthusiasts, and new development will be issued by institutional investors and financial institutions. After their arrival, it will be feasible to overlook the stabilization of the context, thanks to large capitals, the current turbulence will be left behind.
This (hitting record levels in quotes) does not incur frequently. But sooner or later, one of the major American funds, maybe even a pension fund, will say:” You know what, we’re in business. Goldman Sachs already works with the crypto urrency. Bloomberg issued their index, and we jump in.”