Mainstream institutional investors are about six to eight months from adopting Bitcoin, says Mike Novogratz, CEO of Galaxy Investment Partners, a firm that bets on cryptocurrencies and related businesses, Reuters reported.
Novogratz said he expects major financial firms to start offering Bitcoin (TIKER: BTC.EXANTE) or similar products as an investment option, one that could be easily purchased over the phone.
“When it’s that easy, the price of Bitcoin or Ehereum (TIKER: ETH/USD.CRC) is going to go much higher. And that is a lot closer than people think,” Novogratz said, speaking at the Reuters Global 2018 Investment Outlook Summit in New York.
“The institutionalization of this space is coming. It’s coming pretty quick,” he said.
Novogratz’s biggest regret this year has been not buying more cryptocurrencies, such as Ethereum, when prices fell, because he knew that they would keep going up.
“When it was time to buy it back, I didn’t buy enough back,” he said.
He sees Bitcoin, for instance, hitting $10,000 by March. Novogratz said his firm’s largest investment is in Bitcoin. It has a “very big” holding of Ethereum and about 30-35 different tokens and companies. He declined to give the percentages of each holding, citing competitive reasons.