For the former trader's assumption to prove true, the cryptocurrency market will need to see a 20-fold increase from its all-time capitalisation of $900 billion
Former Goldman Sachs and Fortress trader Mike Novogratz has said that the cryptocurrency market will soon be over $20 trillion in size.
Novogratz was speaking at the Bloomberg Invest Summit. He said the transition won't happen in one day, but that it will be a long and hard process.
According to the reports, Novogratz was talking about the economics and fundamentals of cryptocurrency in an interview with Erik Schatzker.
He was asked about the instability and 'bubble-like' trend of various cryptocurrencies earlier this year.
Answering the question, Novogratz said that if one considers the January cryptocurrency bull run as a bubble, then it can be compared to the dot-com boom, which culminated in the stock market crash in 2000.
Novogratz also said that the cryptocurrency market will bounce back from the doldrums in mid 2018. He said it will overtake all its previous all-time highs and reach a market valuation of $20 trillion.
For the former trader's assumption to prove true, the cryptocurrency market will need to see a 20-fold increase from its all-time capitalisation of $900 billion."It won’t go there ($20 trillion) right away. What is going to happen is, one of these intrepid pension funds, somebody who is a market leader, is going to say, you know what? We’ve got custody, Goldman Sachs is involved, Bloomberg has an index I can track my performance against, and they’re going to buy. And all of the sudden, the second guy buys," Novogratz said.