Former top-manager with Wall Street and founder of Galaxy Digital Capital Management Michael Novogratz considers that the mass acceptance cryptocurrencies and blockchain technology will take place through five or six years. About it reports edition of Blokt.
At conference of Beyond Blocks in South Korea Michael Novogratz expressed a confidence, that in the nearest two-three years the great number of the new organizations and companies will come in cryptocurrency industry. Without it, in opinion of multimillionaire, “we will go about in circles”.
“We won’t see the mass acceptance blockchain until users will get used to technology, but five-six year stayed till it”, – Novogratz declared.
Among basic obstacles for development industry the founder cryptocurrency bank marks the ever-increasing cost of services blockchain specialists, and also doubts of traditional investors.
“Think about that, how institutional investors work. Difficult enough to walk up to the boss to say that money lie in the place of that he was not even heard. A reliable and well-known trustee will be required is the Japanese bank, or organization level of Goldman Sachs, HSBC, or ICE. Only then an institutional investor will feel comfortably”, – Novogratz explains
The banker noted the importance of regulating cryptocurrencies. In particular, he expressed satisfaction with the work of the Securities and Exchange Commission (SEC) aimed at prosecuting scammers and market manipulators.
Also Michael Novogratz believes that the penetration of blockchain into the lives of ordinary people should be accelerated, and for this it is necessary to make the technology more transparent. In this case, the user does not need to know the details of its operation in detail.
Let’s note, Michael Novogratz has long supported cryptocurrencies and is convinced that the technology of the distributed registry is a people’s revolution. Previously, he also urged each investor to have in his portfolio at least 1-2% in the cryptocurrency.