Institutional thirst for Bitcoin is far from over, says Mike Novogratz
In a recent interview with Yahoo Finance, Mike Novogratz revealed that institutional appetite continues to grow. According to the Galaxy Digital CEO and former hedge fund manager, the new class of institutional investors seeking exposure to Bitcoin “has not yet been filled.” Novogratz said: The institutions that are entering this space now that were not in the space six months ago, [a] a year ago, they still haven’t been filled. Not even close. We are in the first inning of a 9-inning game with insurance companies, asset managers. Novogratz also agrees with the narrative that Bitcoin is changing hands. In the past few days, retail investors panicked and sold after Bitcoin prices plummeted. Bitcoin whales, on the other hand, were actively buying the selling walls. What we are seeing is a transition from leveraged retail players to much deeper pockets, much longer hands (institutions). If you are an insurance company and you buy Bitcoin, you are not buying it for two months. You are buying it as a long-lasting asset. Finally, Novogratz does not see Bitcoin as a means of payment. Instead, you view the digital asset as a store of value. The millionaire hopes that other cryptocurrencies will take the place of Bitcoin as a means of payment.