Crypto Has Low “Institutional Excitement” Right Now – Mike Novogratz
Billionaire investor and Galaxy Digital Founder and CEO Mike Novogratz has shared new commentaries about the state of the broader crypto market at this time. In an interview with CNBC, Novogratz said the crypto market he can described as “Lackadaisical” for now with the retail side seeing a constant bid while the ‘institutional excitement’ is generally low for now.
Despite this lack of excitement from the corporate investors as he duly noted, Novogratz highlighted a number of positive events that shows promises in the industry. One of these include the integration of Bitcoin (BTC) by WeChat Pay as well as the push by Hong Kong to permit retail customers to trade digital currencies.
On the subject of new user adoption, Novogratz said the number of new users buying crypto are relatively small and consolidated on platforms like Cash App, and Revolut. As one of the most vocal advocates in the nascent crypto world, Novogratz believes the bulk of the new Bitcoin being stacked up belongs to old buyers.
This notion can be backed by the buying activities of American business intelligence firm MicroStrategy Incorporated which has been accumulating BTC since August 2020. As an existing buyer, MicroStrategy is arguably more bullish about the premier cryptocurrency than even some firms in the Web3.0 space.
Crypto Outlook for June
The digital currency ecosystem has continued to see mild volatility in this new month with Bitcoin currently changing hands at a price of $26,960.33, down by 0.24% over the past 24 hours. The coin is still up by 1.59% in the past week but some of the mainstream cryptocurrencies like Polkadot (DOT) and Cosmos (ATOM) are down within the same time frame.
Different digital currencies are pushing different growth patterns based on their own unique fundamentals. With broader regulations sweeping the industry now that the duo of Hong Kong and the United Arab Emirates (UAE) have aligned strategies to jointly regulate crypto, more promising updates that can boost sentiments on both the retail and institutional levels appear imminent this month.
While a surge to ATHs may be unrealistic for most assets in June, a significant growth traction is expected.
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