Bitcoin has unconditionally become an institutional-grade asset. About this in interview Bloomberg said the head of Galaxy Digital Michael Novogratz.
In his opinion, JPMorgan’s advice to invest one percent of the portfolio in bitcoin is a “staggering shift” in the development of the market.
“From time to time, there is a paradigm shift in the markets. We are now at the epicenter, ”stressed Novogratz.
Moreover, bitcoin, according to the head of Galaxy Digital, is “wildly” ahead of gold, even though both assets hedge the same risks. This lead is indicative of generational adoption of cryptocurrencies, he said.
Bitcoin on its way to records
Novogratz also confirmed his Bitcoin forecast for 2021. In his opinion, by the end of the year the price of the first cryptocurrency will reach at least $ 100 thousand. Novogratz cites the influx of new investors into the digital asset market as the reason for the new rally.
At the same time, people stopped denying the reality of bitcoin, which became the main driver of cryptocurrency growth, he summed up.
The influx of institutional investors into the cryptocurrency market was reported earlier. Thus, the volume of the cryptocurrency lending market has exceeded billions of dollars as the institutions arrived. It should be noted that even in the lending market, bitcoin is still the most popular asset.
The influx of institutions is also noted in the largest crypto fund Grayscale Investments. Increased interest from institutions, including pension and trust funds, will continue to fuel bitcoin’s rapid growth to new highs, according to Grayscale CEO Michael Sonnenshine.
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