Mike Novogratz, the Digital Galaxy founder and a former Goldman Sachs executive is certain about Bitcoin becoming future’s digital store of wealth. In a recent interview with Bloomberg on 18 December, Novogratz has defined the bearish trend in the cryptocurrency market as a ‘‘bubble”. He has termed the ‘‘monster modification” that shaved off bulk amount from the overall market cap as ”mania improved something that was real.”
In the interview, he commented that ”it will be Bitcoin that will certainly be the electronic shop of value.” He has high hopes on the first most valuable digital currency in terms of market value to eventually become a universally accepted common currency. The future of crypto industry rests on the advancement made in three specific domain including the business, the technology and the institutional, said the ex-Goldman Sachs associate. He mentioned his ‘‘constructive” method towards building the future of digital assets.
With Novogratz boosting the generation of more “tokenized items’‘ in the upcoming times, the tokenisation process spiralled up, having “LP passion in funds to arts.” “We will certainly have Web 3.0, this decentralized around the world computing system that processes and also validates data,” said Novogratz. He expected that the top most digital currency that holds more than 54% of the overall market cap, will likely recover from the bearish zone to hit the $10,000 mark by the end of this year.
Following the Bitcoin Cash [BCH] hardfork, the crypto market witnessed a massive loss of $25 billion with Bitcoin removing $1,000 from its market cap. Even at such a turmoil state of the market, he anticipated Bitcoin to trade nearby $9,000. He described the event of sudden price rise of this coin in December 2017 as ”a drug’‘ and the “target market is much more sober currently, the drug is gone”
However, currently, going by the data of CoinMarketCap, Bitcoin has turned its wheel to the positive trajectory to leap over $3,800 mark after weeks of low. With the Bitcoin price surging, the buyers began to take over the market with the coins faring well and trading in green.