Michael Novogratz: Cryptocurrencies still Require Several Years to be Adopted
Former Wall Street top manager and CEO of Galaxy Digital Capital Management Michael Novogratz considers that mass adoption of cryptocurrencies and blockchain technology will happen in five – six years.
Visiting the South Korean Beyond Blocks conference Novogratz expressed confidence that in a couple years ahead many companies and organizations will enter the crypto industry. Without this the industry will stagnate.
“You won’t see mass adoption until the user experience does not feel like something new and that is still five to six years away.”
Novogratz recognizes ever increasing value of blockchain specialists and uncertainty of traditional investors as main impediments for development of the industry.
“Think about how institutional investors operate. It’s hard to tell your boss ‘I have money in places you have never heard of.’ You need a trusted, name custodian — a Japanese bank or HSBC or ICE or Goldman Sachs — to allow institutional investors to feel comfortable.”
The banker noted the importance of cryptocurrency regulation. In particular he was satisfied with the work of the U.S. Securities and Exchange Commission aimed on prosecution of scammers and market fraud.
Also, Michael Novogratz considers that blockchain adoption for everyday people should be speeded up by making the technology more transparent. Thereat, it is not necessary to know the details of how the technology works.
Novogratz supports cryptocurrencies and believes that the technology is the people’s revolution. Previously he encouraged every investor to keep at least 1-2% in cryptocurrency in their portfolios.