Billionaire Novogratz Conference Call: Big Things Coming to Crypto in 2019, 2020

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Bitcoin (BTC), Cryptocurrency–Mike Novogratz, the billionaire investor who has also been one of cryptocurrency’s largest supporters, has suffered with the rest of the market from the falling price of Bitcoin and altcoins. As previously reported by EWN, Novogratz’s crypto investment firm Galaxy Digital has lost in excess of $100 million throughout 2018, as the ongoing bear cycle for the industry extends into the final month of the year.

Novogratz, who has remained bullish on crypto and steadfast over his outlook for the industry, has managed to take it all on the chin. As opposed to sugar coating the most recent market turn, which wiped tens of billions from the market cap in a span of days, the investment head admitted to the present bleak landscape speaking in a conference call on Nov. 30,

“It’s been a horrible bear market in tokens. There’s plenty of reason to be depressed.”

However, Novogratz has reiterated his long term commitment to the growth of both blockchain technologies and tokenized cryptocurrencies, even with the current volatile price situation. While many have heard the refrain of “coming adoption” and “institutional investment,” Novogratz is leveraging his position as the former Fortress Group hedge fund manager and Goldman Sachs partner to provide some assurance that he has a rosy outlook for crypto in the coming years.

According to Novogratz,

“I fundamentally think you’re going to see big adaption in 2019, 2020. Lots of the items in the digital world, the e-gaming space, are low value items so I think people will be more comfortable participating in blockchain. We’re making big investments in that area.”

Novogratz’s comments about the integration of blockchain and cryptocurrency into the gaming industry comes just days after the group behind top fifteen coin by market capitalization TRX announcing the launch of TRON Arcade. The initiative, which amounts to a $100 million fund paid out through installments over the next three years, seeks to incentivize development and innovation for blockchain and crypto gaming on the TRON network–a movement that is not far off from the one Novogratz expounded upon in the conference call.

While much has been made about the significant losses sustained by Galaxy Digital’s heavy bet on digital assets, which amounted to $136 million through the first nine months of the year, the company is still in prime position in the event of a market turn. The calendar year for 2018 has been particularly harsh to the valuation of Bitcoin and other large name crypto’s valuation, but has seen substantial growth in terms of new adoption and integration into existing fields.

Investors who have suffered through the bear market alongside Novogratz and his firm have little to be excited about at present, but it is reassuring to hear opinions that provide some glimmer for the future of cryptocurrency. However, long-term veterans of the industry are grimly weathering another cycle of boom and bust pricing, an event that has led to Bitcoin being falsely proclaimed as “dead” many times before.

Novogratz pointed to the actions of the United States Securities and Exchange Commission (SEC) against cryptocurrency, including their decision to forgo approval of a Bitcoin ETF at present, as introducing uncertainty into the market which led to the most recent selloff,

“Part of the sell-off is because, I think, the SEC got tough on a few fraudulent ICOs. And not just were tough on them — they mentioned personal investors can go for reparations in most cases. And people got very nervous.”

However, Novogratz also cites a better relationship between cryptocurrency and the SEC in 2019 and beyond as a driving force for new growth, which will pave the regulatory path for larger investors and companies looking to take the plunge into the industry.

Source : https://ethereumworldnews.com