{"id":198794,"date":"2018-12-03T15:00:02","date_gmt":"2018-12-03T20:00:02","guid":{"rendered":"https:\/\/insidebitcoins.com\/news\/mike-novogratz-expects-crypto-market-turnaround-adoption-in-2019\/198794"},"modified":"2021-07-25T08:06:42","modified_gmt":"2021-07-25T12:06:42","slug":"mike-novogratz-expects-crypto-market-turnaround-adoption-in-2019","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/mike-novogratz-expects-crypto-market-turnaround-adoption-in-2019","title":{"rendered":"Mike Novogratz Expects Crypto Market Turnaround, Adoption in 2019"},"content":{"rendered":"

 <\/p>\n

Frankly, it would be fair to say that bears have brutalized the crypto market and its constituents in 2018, throwing Bitcoin and its altcoin brethren off metaphorical cliffs.<\/p>\n

However, in spite of the widespread carnage, some innovators remain\u00a0tunnel-visioned, focused on bolstering the nascent crypto and blockchain ecosystem with no holds barred.<\/p>\n

Regulatory Fears Remain, but Galaxy Digital Bets on \u201cBig Adaptation\u201d<\/strong><\/h2>\n

Speaking on a conference call Friday, presumably to address his firm\u2019s dismal financial report, Mike Novogratz, Galaxy Digital CEO, did his utmost best to maintain an upbeat tone.<\/p>\n

As noted by Bloomberg<\/a>, who received a transcript of the call, Novogratz, a former traditionalist banker-turned-Bitcoin fanatic, couldn\u2019t avoid talk\u00a0of the bear market, explaining that this year has been \u201chorrible\u201d for tokens. The cryptocurrency advocate added that \u201cthere\u2019s plenty of reasons to be depressed,\u201d failing to adequately sugar coat the downturn in cryptocurrency values and the retail interest dry spell.<\/p>\n

Touching on the proposed catalysts behind the sell-off, which left Galaxy Digital high and dry with $76 million in Q3 losses<\/a>, Novogratz pointed to the U.S. Securities and Exchange Commission\u2019s (SEC\u2019s) renewed crackdown on inital coin offerings (ICOs<\/a>) and fraudulent crypto-centric startups.<\/p>\n

While also discussing his firm\u2019s financial condition, he elaborated:<\/p>\n

\u201cAnd not just was [the SEC] tough on them \u2014 [but] they mentioned personal investors can go for reparations in most cases. And people got very nervous\u2026 We [at Galaxy Digital,] found that getting the right regulatory structure was just harder than we thought it would be.\u201d<\/p><\/blockquote>\n

The zealous pundit is likely referencing the SEC\u2019s recent case involving AirFox and ParagonCoin<\/a>, two lesser-known, yet successful ICO-funded projects that were charged for touting digital securities without proper credentials.<\/p>\n

Still, Novogratz\u2019s bullish long-term outlook on cryptocurrencies<\/a> remained steadfast, claiming that he expects a fundamental shift in the utilization of blockchain technologies during 2019 and 2020. More specifically, the former Goldman Sachs partner\u00a0drew attention to blockchain-based items, such as e-gaming collectibles, that could single-handedly catalyze the adoption of this literally game-changing innovation.<\/p>\n

Putting his money where his mouth is, so to speak, Novogratz added that Galaxy Digital,\u00a0a Toronto-listed, crypto-centric merchant bank, is \u201cmaking big investments in that area\u201d specifically.<\/p>\n

Novogratz: Institutions to Buy Crypto, Bitcoin En-Masse in Q2 2019<\/strong><\/h2>\n

Echoing forecasts<\/a> issued by other industry insiders, in the aforementioned conference call, the forward-thinker stated outright that Bitcoin<\/a> will likely undergo a monumental rebound in Q2 2019, subsequently backing his essential dice throw<\/a> with prospective bullish factors.<\/p>\n

The Galaxy chief explained that now that the participants of 2017\u2019s retail mania have capitulated, this market is stuck between a rock and a hard place, and is awaiting the arrival of institutional participants.<\/p>\n

Although this statement was nebulous\u00a0in and of itself, Novogratz added that such adoption could arrive by April, following the launch of Bakkt\u2019s physically-backed Bitcoin futures and Fidelity\u2019s custody and trade-execution products.<\/p>\n

Related Reading:\u00a0<\/strong>Why Are Novogratz, Fidelity, and Bakkt Banking on Institutional Crypto Investors?<\/a><\/em><\/p>\n

These recent claims are essentially a reiteration of his incessant statements regarding the \u201cinstitutional herd\u201d and the \u201cFOMO\u201d that said group will inevitably experience.<\/p>\n

Per previous reports from NewsBTC<\/a>, in early-November, Novogratz told Financial News that \u201cinstitutional FOMO\u201d will catapult Bitcoin above $10,000, before a likely retesting of the asset\u2019s all-time highs backed by the deep pockets of institutions.<\/p>\n

And with that in mind, it should come as no surprise that Novogratz unequivocally sees a bright future for this industry, which has been battered and bruised since January 2018. Bitcoin, for one, was called dead for the 327th time just last Thursday, by none other than a foreboding Bloomberg video.<\/p>\n

But if what Novogratz touts comes to pass, mainstream media outlets and the out-of-touch will find no reason to bash crypto<\/a> assets any further.<\/p>\n

Featured image from Shutterstock.<\/pre>\n
 <\/p>\n
The post Mike Novogratz Expects Crypto Market Turnaround, Adoption in 2019<\/a> appeared first on NewsBTC<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"
  Frankly, it would be fair to say that bears have brutalized the crypto market and its constituents in 2018, throwing Bitcoin and its altcoin […]<\/a><\/div>","protected":false},"author":1042,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-198794","post","type-post","status-publish","format-standard","hentry","category-more-crypto-news"],"acf":[],"yoast_head":"\nMike Novogratz Expects Crypto Market Turnaround, Adoption in 2019 - InsideBitcoins.com<\/title>\n<meta name=\"description\" content=\"Former banker Novogratz, couldn\u2019t avoid talk of the bear market, explaining that this year has been \u201chorrible\u201d for tokens.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/198794\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mike Novogratz Expects Crypto Market Turnaround, Adoption in 2019\" \/>\n<meta property=\"og:description\" content=\"Former banker Novogratz, couldn\u2019t avoid talk of the bear market, explaining that this year has been \u201chorrible\u201d for tokens.\" \/>\n<meta property=\"og:site_name\" content=\"InsideBitcoins.com\" \/>\n<meta property=\"article:published_time\" content=\"2018-12-03T20:00:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-07-25T12:06:42+00:00\" \/>\n<meta name=\"author\" content=\"Nick Chong\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nick Chong\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/198794#article\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/198794\"},\"author\":{\"name\":\"Nick Chong\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/f91277c5006274c518478fde016bcbf2\"},\"headline\":\"Mike Novogratz Expects Crypto Market Turnaround, Adoption in 2019\",\"datePublished\":\"2018-12-03T20:00:02+00:00\",\"dateModified\":\"2021-07-25T12:06:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/198794\"},\"wordCount\":647,\"publisher\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"articleSection\":[\"More Crypto News\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2018\",\"copyrightHolder\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/198794#primaryimage\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/198794\",\"url\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/198794\",\"name\":\"Mike Novogratz Expects Crypto Market Turnaround, Adoption in 2019 - 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