Institutional investors were the initial topic of conversation during Michael Novogratz’s address at the Fluidity Summit in Williamsburg, Brooklyn on Thursday, when he told his audience that crypto had been… “a peoples revolution.”
Galaxy Digital’s Michael Novogratz, ex-Goldman Sachs partner, was at the venue to talk about cryptocurrencies after the dramatic price hike of 2017. Addressing the audience from notes scribbled on the back of a paper plate, he commented, “We have never had a market mania led by retail before.”
The former principal at Fortress Investment Group LLC spoke of the recent launch of his latest project, the Bloomberg Galaxy Crypto Index, which tracks the most liquid assets trading on blockchain:
“I’m hoping yesterday marks the beginning of the institutionalization of crypto as an asset class… big problems need big capital.”
He made the point that decentralized “revolution” is yet to make its most significant impact on markets. Novogratz explained that street level is where new technology will flourish where regular people do things like “rent rooms, ride cars and pay each other to do work,” Coindesk reported.
The entrepreneur talked of “three superhighways” to move decentralization forward, the first being computer science: “We have a bet on EOS because I think people like speed and convenience. We also have a bet on Ethereum, because it has the most developers…My intuition is: we don’t need 100 blockchains.”
He described the second key area as being the token economy, explaining that he felt that investors hadn’t thought deeply enough about ICOs and how they work, and if they actually have value, suggesting there must be a reason to hang on to a token, rather than just speculative investment. He cited ridesharing as an example of a how a coin can grow in value through company productiveness and user interest.
Reflecting on his third “superhighway,” Novogratz, said he prays every night that established players join the “custody game” to push the crypto industry forward, claiming, “The institutional herd is on the move.”
Follow BitcoinNews.com on Twitter at @BitcoinNewsCom
Telegram Alerts from BitcoinNews.com at https://t.me/bconews