Ex-hedge fund manager and billionaire Mike Novogratz made some bold statements recently at Unbound 2018 about how Ethereum will be able to process 50K TPS. In addition to those statements, Novogratz says that a sum of Wall Street money is about to flood the cryptocurrency market.
At Blockchain Week in S. Korea, Novogratz said that a “herd of institutional investors” is heading into the crypto space as reported by TheStreet. He also told Bloomberg in 2017 that he believes Bitcoin will hit $10K by 2018’s end.
He’s invested 10% of his portfolio in a variety of coins including Etherum, EOS, and Bitcoin. TheStreet asked Novogratz to explain why he believes that Wall Street is finally going into the developing crypto space.
“I think institutional investors are slowly coming to the realization that blockchain will be Internet or Web 3.0, and they’ll want to participate just like they want to participate in the Web.
Their first way of participating is going to be through venture-capital funds. Many of them are already participating because they’ve invested in Sequoia or Polychain or Benchmark or many of the other VC funds that invest in this area. The second step for them will be buying the coins and/or the ICOs themselves, but many of them are participating in the ICOs already through their venture investments.”
He then talks about previous investors in the market and current investors who are diving into the craze:
“Some of the venture capitalists who were original investors in the cryptocurrency market – like Marc Andreessen and Fred Wilson – were very early, but most did not participate so much. Funds like MetaStable, Pantera and Polychain got set up to invest in these projects. It’s like ourselves with Galaxy.
Now, all of the venture capitalists are also investing – including SoftBank, SBI in Tokyo and many funds in Hong Kong. And so there’s a lot more competition for good projects.”
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