With the current state of the cryptocurrency market, different experts are offering unique opinions about what the future holds for cryptocurrencies. While some believe that it is over, other believe that it has only just begun. The founder of Galaxy Digital, Mike Novogratz, has his own opinion about the future of the industry. According to him, next year would be marked by a flippening in the market. Novogratz aired his opinion during an interview with Financial Times on the 23rd of November. In his words:
“Galaxy Digital has faced some challenges this year. It is not easy to build a solid business in a bear market.”
Cryptocurrency And The Future
According to reports by Financial Times, Novogratz stated that financial institutions will move from “investing in cryptocurrency funds to cryptocurrencies proper by the first quarter of 2019. I believe there will be a flippening next year and prices will start moving up again.”
Not everyone was happy about Novogratz’s prediction. Tim Swanson, the founder of Post Oak Labs, a fintech advisory firm, said that Novogratz was talking about something he knows nothing about. He said:
“As usual, he is trying to predict something he has no control over. This is what happens anytime he talks about price.”
According to Swanson, many companies tried to imitate Galaxy Digital, a company that wants to become the Goldman Sachs of the cryptocurrency industry. He believes this is something that has been on the horizon for the past four years.
Apart from these two quotations that were in the article published by Financial Times, an anonymous person who is also a founder of a blockchain startup said:
“One of the most significant problems in the cryptocurrency industry is that there is a lack of credible merchant banking. Galaxy Digital is in the best position to solve this problem and take full advantage of new markets”.
Novogratz said that staying positive in a market like this is hard. However, there are many cryptocurrency developments being pursued by major players in the market. One of the most impactful projects, according to Novogratz is the upcoming digital asset platform – Bakkt and the other is the custody trading services launched by Fidelity.
During last week, the COO of BitPay said that the moves by Bakkt and Fidelity are making are certainly going to impact the market next year. He predicted that the price of Bitcoin might skyrocket to $15,000 or $20,000 before the end of 2019. This is the same Bitcoin that traded as low as $3500 this weekend.
Bitcoin (BTC) Price Today – BTC / USD
At the time of writing, the first largest cryptocurrency per market capitalization was trading in green struggling to recover against the USD at $3,970.03. It is up by 2.89%. The trading volume over a 24 hour period is $6,293,401,541 and the market capitalization is $69,057,275,349. Even if it is trading in green, it is still down compared to what the spike it experienced yesterday that took it above $4100.