Novogratz said that the current slump is due to "institutions moving in".
Founder and CEO of Galaxy Digital Mike Novogratz is optimistic about the future of cryptocurrency.
According to a report in CNNMoney, Novogratz said bitcoin's fall throughout 2018 is a sign that major companies and exchanges have begun taking the cryptocurrency more seriously now. He added that companies like Microsoft and Starbucks now allow people to use Bitcoin and, in time, as more adoption takes place and more people get comfortable with using it, the value will go up.
More adoption means companies will eventually have a 'fear of missing out' and bitcoin may become a part of everyone’s financial portfolios. Novogratz added that over time, people will consider Bitcoin like gold, in other words, a store of value.
In December last year, the value of the cryptocurrency had surged to nearly USD 20,000, but since then it had fallen to a low of around $5,800 in June and is currently trading for about $6,400.Novogratz predicts that bitcoin will rally up to 30 percent by the end of 2018 and will pick up the pace in the first quarter of 2019.