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Crypto market will flip next year: Mike Novogratz

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Cryptocurrency market will flip next year, said Mike Novogratz, Galaxy Digital founder and former partner with Goldman Sachs, during an interview with Financial Times on November 23.

Novogratz said that he is expecting the cryptocurrency market to "flip next year" as the prices will start moving again by that time. The Galaxy Digital founder added that financial institutions will opt for investing in cryptocurrencies from Quarter 1 next year rather than investing in cryptocurrency funds.

The Galaxy Digital founder added that financial institutions will opt for investing in cryptocurrencies from Quarter 1 next year rather than investing in cryptocurrency funds.

However, Tim Swanson, founder of Post Oak Labs, said that Novogratz is always "trying to predict something that he has no influence over," the Financial Times report stated.
Swanson said that Galaxy Digital is trying to do what many companies had tried to do before it. Taking a jibe at Novogratz's Galaxy Digital, he said: "welcome to four years ago!"

Galaxy Digital was originally scheduled to start in 2017, but he postponed the plans, saying that cryptocurrency may drop to $8,000. Now, he hopes to make the company "the Goldman Sachs of crypto."
Novogratz went on to cite Bakkt, a digital asset platform, and Fidelty's digital assets management services for institutional investors, before saying, "it's easy to get sceptical but there's something happening."

Backing the potency of these moves cited by Novogratz, COO of BitPay, a global crypto payment processor, said that the Bitcoin will reach $15,000 to $20,000 by 2019 end.

Backing the potency of these moves cited by Novogratz, COO of BitPay, a global crypto payment processor, said that the Bitcoin will reach $15,000 to $20,000 by 2019 end.
As on December 3, Bitcoin has plunged by over 2 per cent and is trading at $4041.

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