Big Money is Coming to Bitcoin According to Hedge Fund Manager
2017 has proven to be a banner year for the cryptocurrency market. Many popular cryptocurrencies experienced several hundred percent gains this year with Bitcoin hitting all time highs of nearly $8,000!
But could 2018 be an even bigger year for Bitcoin?
According to Mike Novogratz, the former macro hedge fund manager at Fortress Investment Group, big money is coming to Bitcoin, and it might happen sooner than we think! Novogratz believes mainstream institutional investors are about six to eight months from adopting Bitcoin.
Bitcoin Based Financial Products
It is important to note that adoption is heavily dependent on the introduction of Bitcoin based financial products as well as the ease of entry for investors. If investors are able to make purchases over the phone or with the click of the mouse, money will start flooding in.
“When it’s that easy, the price of Bitcoin or Ethereum is going to go much higher. And that is a lot closer than people think,” said Novogratz, who spoke at the Reuters Global 2018 Investment Outlook Summit in New York.
A recent tweet from Reuters may support Novogratz sentiment. Luke Ellis, the CEO of Man Group, a UK-based investor with $95 billion under management, announced the firm will add Bitcoin to its ‘investment universe’ if CME launches futures contract as planned.
Novogratz also stated that he sees Bitcoin hitting $10,000 by March. Investors should not take his bullish outlook lightly as Novogratz just put $100 million of his own money into a new crypto hedge fund.
If institutional investors were to take even a small position in cryptocurrency, it could send the market soaring. We could very well see new all time highs in early 2018.
“The institutionalization of this space is coming. It’s coming pretty quick” ~Mike Novogratz
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