Novogratz sees the Bitcoin jump 30% in 2018

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Billionaire investor Michael Novogratz, a legendary former hedge fund manager, formerly a member of investment firm Fortress Investment Group, said the Bitcoin price will likely experience a 30 percent increase by the end of 2018.

Once Bitcoin exceeds the main resistance levels at $ 6,800, $ 8,800 and $ 10,000, Novogratz declared that the institutions will enter the market through reliable custody solutions.

"It is also a bull market in institutions that build the necessary infrastructure for real money investors to start investing in this space … I believe that within three to six months from now, there will be a" clear "sign for the people: large institutions and pensions. [funds] – To start investing, "he said.

Impossible not to reach $ 10,000
During an interview with CNBC Fast Money, Novogratz explained that it is impossible for Bitcoin not to recover to the range of $ 8,800 to $ 10,000. In the last three days, the cryptography market has added $ 25 billion to its valuation, caused by the 100 percent increase in the value of Ripple and the strong momentum demonstrated by Ethereum.

As CCN previously reported, Novogratz emphasized that the next long-term rally, which can lead to the valuation of the cryptography market to reach $ 20 billion, will be triggered by the FOMO (fear of getting lost) between institutions such as pension funds and hedge funds.

Last month, Morgan Stanley and Citigroup launched plans to add cryptography solutions to their existing infrastructure in the coming months. With BitGo and Coinbase already operating as trusted and regulated providers of custody solutions, there are enough products that institutions can rely on to enter the cryptography market.

As such, Novogratz said that once Bitcoin demonstrates another strong short-term recovery supported by individual investors and retail traders by the end of this year, more institutions will invest in the market.

"It will not go there ($ 20 billion) right away, what will happen is that one of these intrepid pension funds, someone who is a market leader, is going to say, you know what, we have custody, Goldman Sachs is involved, Bloomberg has an index against which I can track my performance and they are going to buy, and suddenly, the second man buys, the same FOMO that you saw in retail. [will be demonstrated by institutional investors]", Explained Novogratz.

It's not all talk
In 2017, there were discussions about the movement of capital from the traditional financial sector to the cryptography market. However, at that time there was no infrastructure to attract institutions, which meant that even if some institutions were attracted to the market, there were no services they could use to invest in the asset class.

With significant advances in recent months, companies such as Coinbase and BitGo expect billions of dollars to enter the market and by 2019, provided that Bitcoin maintains the momentum in the range of $ 8,800 to $ 10,000, the crypto market is expected experience a substantial increase in valuation.

Although Bitcoin has not registered a large upward movement in the last two days as Ripple and Ethereum, the dominant cryptocurrency has shown stability during August and September, which is positive for the medium term performance of the asset.