Michael Novogratz, a former hedge fund manager and longtime cryptocurrency investor, says conventional formal investors are about six to eight months away from accepting bitcoin.
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“When it’s that easy, the price of bitcoin or ethereum is going to go much higher. And that is a lot closer than people think… The institutionalization of this space is coming. It’s coming pretty quick,” said Novogratz, at the Reuters Global 2018 Investment Outlook Summit in New York.
Regarding any specifics, Novogratz eschewed naming any in particular.
Bitcoin prices are up nearly 580 percent in 2017 as the cryptocurrency continues to recover over $1,000 in the last two days after losing approximately a third of its value in four days.
Novograts claims to have purchase $15 million to $20 million worth of bitcoins during the correction after saying that his biggest regret of 2017 was not buying more cryptocurrencies last time the price fell.