Mike Novogratz: «Cryptocurrency is a popular revolution»

During a speech on Fluidity Summit in Williamsburg billionaire investor Michael Novogratz (Michael Novogratz) stated that crypto-currencies have become the «people’s revolution». He also noted:

«Before, we never had a market mania, the engine of which would have been ordinary people».

In his speech, Novogratz mentioned on a major event in his business startup
the global index of cryptocurrency Crypto Galaxy Bloomberg Index, which tracks the most liquid cryptocurrency assets.

«I hope that this event will mark the beginning of the institutionalization of cryptocurrency as an asset class,» said Novogratz, as «big problems require big capital.» In addition, Novogratz said that the greatest impact of cryptocurrencies will be evident in the lives of ordinary people who are then able to pay for their rent, cars and get them paid.

«The decentralized revolution will have the greatest impact on retail markets. But to achieve this, it will use the investment power of large institutions,» he said.

Describing a recent meeting with employees of Deutsche Bank, new York stock exchange and Goldman Sachs, Novogratz said that this is already happening.

«There are three supernaturalize in which you need to develop,» he told the summit participants.

The first of them — Informatics. Novogratz said that he is struggling to cooperate with computer engineers to his business kept pace with the technical requirements of the industry. He pointed out two urgent technical problems to be solved — zoom and a proper balance between speed and safety.

«We put on EOS, because people like the speed and convenience. Also we are interested in Ethereum, because he has a lot of developers. My opinion is: we don’t need 100 of blockchains».

He also said that intuition tells him that the problems of the balance of security and scalability of the network will be resolved soon.

Second, he noted the tokens, saying that they excite his imagination. Novogratz said that many investors have not thought about the new coins. «2018 is an important year, because most of us – investors, including me, have not thought about how these tokens work, and why they have value,» he said.

It is usually assumed that if the Protocol does not give reason to users was beneficial to keep the token, its value will fall to zero. Novogratz disagree. He argues that, for example, in a decentralized Protocol for joint use of vehicles, many drivers and passengers will be able to store a certain amount of tokens as short-term investments.

«As soon as the Protocol grows, for the purchase of travel will require less tokens and the coin value will rise. These tokens are similar in many ways to the action.»

Finally, he mentioned institutional investors. «Institutional crowd came to the movement,» he said, adding that he prays every night that these players have hit the market.

He also noted that equally quickly develop all three areas, and what you need to get each of them. At the end of his speech, Novogratz said that this year he is even more optimistic about the future of the crypto industry than before.

In February this year it was reported that the Novogratz have collected
$250 million to create cryptocurrency Bank, which will receive official registration in Canada. The Bank’s nearest plans – opening new trading platform for cryptocurrencies.

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