Billions of people have previously tried and failed to predict the markets; cryptocurrency markets are absolutely not exempt from this classification. However, one of the few people who has succeeded in predicting the markets before was Michael Novogratz. Although yes, he’s failed in his predictions, so have all Wall Street legends. Even Warren Buffet was wrong about Amazon and Google. However, the previous Goldman Sachs partner and widely renowned cryptocurrency bull, Novogratz, was able to position his prediction the 2017 cryptocurrency increase just right. Recently, the Wall Street banker took to Twitter to state his continued confidence in cryptocurrencies and the digital asset market as a whole. As a matter of fact, Novogratz believes the entire cryptocurrency market will rebound in only a “few more months”.
Novogratz is no stranger to providing predictions for all angles of cryptocurrency and digital asset markets. The billionaire is the director behind “Galaxy Digital”, a cryptocurrency market exclusive company also behind the “Bloomberg Galaxy Digital Crypto Index”, widely used as a benchmark for cryptocurrency market movements. Michael Novogratz’s most recent prediction was a Tweet indicating his belief that institutions need some more time in order to move; however, he’s not worried about them moving at all, confident that institutions are rightfully taking their time.
While he’s been wrong before, many experts amongst not only the community but also the financial atmosphere have been very wrong about cryptocurrency as well, and that applies to both market cycles. Some economists predicted that Bitcoin would reach $100,000 in 2018, and some even predicted it would hit zero. Obviously, both were wrong; and while Novogratz has previously misfired on his interpretations of market movement, he’s actually made a coordinating prediction that was in fact correct.
Institutional Capital Flowing Towards Digital Asset Products
Novogratz previously predicted that during the time of market downturn and selloff that institutional capital and firms would actually begin to enter the market; somewhat of a protective hedge to not miss out on any 2017-level profits again. Subsequently, as prices have fallen off and many cryptocurrency firms, funds, and enterprises are shutting down for good, institutional capital has been making movements into the market. Although their positions aren’t necessarily “pro-crypto” in anyway, their pure entrance is a large statement in itself.
Fidelity, for example, the traditional online markets broker, recently announced a shift in focus towards digital assets and their trading. While they are still enabling their traditional markets provisions for stocks and equities, creating an entire division for digital assets is a bold move.
Announcements and shifts in emphasis as portrayed by Fidelity are exactly what Novogratz had predicted. In a few months, we’ll then see if his prediction about a prosperous crypto market is correct as well.