Mike Novogratz: ‘Monumental’ Thing Working For Crypto In Current Cycle

A discussion on “To the Moon And Back: Macro Outlook for Digital Assets” during the SALT conference brought great insights to the current scenario. Thomas Farley, the incoming chief executive officer of crypto exchange Bullish said he is bearish on cryptocurrencies in the short term. Whereas he is ‘incredibly bullish’ in the long term. He said despite the various drawbacks, there are some people building great utility around the technology.

Mike Novogratz – Crypto Prediction In Short Run

Mike Novogratz, the chief executive officer of Galaxy Investment, is not as pessimistic about crypto in the short run. He said the utility of blockchain projects should actually start having an impact on the market in coming future. Novogratz added that it was all about the narrative around crypto projects than the product itself.

“Crypto is always about narrative. In 2017 bubble, it was probably 95% narrative and just 5% the actual product. In the 2021 bubble, it was probably 70% narrative and 30% product that played out.”

Institutions Marching Into Crypto Industry

Mike Novogratz described Blackrock’s entry into the crypto space ‘a monumental thing’. The largest asset manager’s addition of crypto into its Aladdin was the biggest thing for the industry, he added. That is the world’s biggest asset manager with the biggest platform wanting in on crypto, he explained at the SALT conference. The Galaxy Investments CEO added that he heard of Fidelity’s plans to shift of retail customers into crypto at some point.

Also Read: After Coinbase Deal, Blackrock Launches Bitcoin Private Trust

“We are seeing an institutional march. And Bitcoin has got a good story. This week, we will have the Ethereum Merge done.”

He added that a decentralized project like Ethereum accomplishing something that important is a big checkmark. “But in Ethereum’s case, the Merge shifts the cryptocurrency’s supply and demand dynamic.” Overall, he said Bitcoin and Ethereum together make for two good bullish stories in the crypto space. He added that there might not be a lot of institutional money flowing into crypto until last year. Recently, Mike Novogratz said Bitcoin was not going past $30,000 in near future. He also said at the time that there’s not much institutional money coming into the cryptocurrency space in short term.