Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Institutional thirst for Bitcoin is far from over, says Mike Novogratz

CryptocurrencyJan 13, 2021 04:00PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
Institutional thirst for Bitcoin is far from over, says Mike Novogratz

In a recent interview with Yahoo Finance, Mike Novogratz revealed that institutional appetite for Bitcoin is still on the rise. According to the CEO of Galaxy Digital and former hedge fund manager, the new class of institutional investors seeking Bitcoin exposure doesn’t “have their fill yet.” Novogratz said:

The institutions who are coming into this space now that weren't in the space six months ago, [a] year ago, don't have their fill yet. Not even close. We're in the first inning of a 9-inning game with insurance companies, asset managers.
Novogratz also agrees with the narrative that Bitcoin is changing hands. In the last few days, retail investors panicked and sold following Bitcoin’s decline in prices. Bitcoin whales, on the other hand, were actively buying the sell walls.

What we are seeing is a transition from retail leveraged players into much deeper pockets, much longer holdings hands (institutions). If you are an insurance company and you buy Bitcoin, you are not buying it for two months. You are buying it as a long-duration asset.
In closing, Novogratz does not view Bitcoin as a means of payment. Instead, he sees the digital asset as a store of value. The millionaire expects other cryptocurrencies to take the place of Bitcoin as a medium of payment.

Institutional thirst for Bitcoin is far from over, says Mike Novogratz
 

Related Articles

Litecoin Climbs 10% In Bullish Trade
Litecoin Climbs 10% In Bullish Trade By Investing.com - Apr 10, 2021

Investing.com - Litecoin was trading at $246.347 by 14:25 (18:25 GMT) on the Investing.com Index on Saturday, up 10.09% on the day. It was the largest one-day percentage gain since...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email