We Have a Few Months Before Crypto “Heads North,” Bitcoin (BTC) Bull Mike Novogratz Says

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Mike Novogratz is a Wall Street legend with many years of experience as an institutional mogul. He fully transitioned into Bitcoin (BTC) few years ago, because he was able to determine the potential that was hidden during the early age of crypto. Novogratz who is also a former Goldman Sachs partner took to Twitter incessantly regarding the subject matter of crypto in 2017 and early 2018. Eventually, became silent in the waning months of 2018, as Bitcoin (BTC) and other virtual currencies lost value in what has been described as an extended bear run.

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However, after a hiatus from Crypto Twitter, Novogratz has come back to the limelight, and his fiery passion for the industry hasn’t waned.

Novogratz: Chances of Crypto Market Heading North Are Slim

Novogratz in a tweet posted this Friday (which garnered mounds of engagements on the social media platform Twitter), Novogratz, acknowledged that he has not commented on crypto for some time, but there’s a good chance to conclude that the crypto market, including top digital asset Bitcoin (BTC), won’t “head north” for a few more months at least.

Backing his new claim, which might definitely come as a surprise for some following Novogratz’s range of optimistic price predictions, the Galaxy Digital (crypto merchant bank) head cited that “it always takes much longer for institutions to generally move.”

Novogratz is actually making sense. Because, leading institutional-centric products, including the likes of Bakkt, Fidelity’s Digital Asset Services subsidiary and the VanEck/SolidX Bitcoin exchange-traded fund, have yet to launch their offerings. And nearly all the institutional products and platforms have delayed their launches to some degree, particularly as regulatory issues continue to plague the industry.

Investors Await the Cosmos Launch

Interestingly, via a sub-tweet, Novogratz lauded Cosmos, a dApp-centric and smart contract- Blockchain protocol that became popular in 2017 that is yet to launch.

Responding to one comment made by one of his followers regarding the project (which stated that the product could initiate a bull run single-handedly, the once-billionaire indicated that he participated in the Cosmos’ token sale at a time when Ethereum (ETH) was just $35. The incumbent chief executive of Galaxy Digital also added that he expects the quip of his followers to come true.

Novogratz’s extolling of the Cosmos project comes after legendary venture capitalist Fred Wilson, took to his blog on January 1 to talk about a similar subject. In a sweeping comment on his crypto asset investment thesis for 2019, Wilson, who is Union Square Ventures’ co-founder explained that he believes for coming months to see a number of up-and-coming, not yet launched crypto projects, like Filecoin, Algorand, and Cosmos, launch and push their products.

Multichain Capital’s Kyle Samani Echoes Novogratz’s Remarks

Multicoin Capital’s Kyle Samani also echoed Novogratz’s remarks regarding the infantile protocol. As per previous reports from the Ethereum World News, Samani had remarked that a number of well-funded, high-potential Blockchain-based platforms, like Dfinity and Cosmos, could go on to launch and challenge Ethereum this year.

Samani also noted that the ventures mentioned above could make a move on Ethereum’s nearly unquestioned status as the go-to network for the development and deployment of smart contracts.

Brian Lubin is a Crypto News Reporter for Smartereum. He's well-known for his reports on the crypto markets.


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