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Hedge-fund manager Michael Novogratz has recently opined that he anticipates Bitcoin to rally another 30% before the end of 2018. Novogratz further stated that he anticipates further inflow of funds into the crypto market from institutional players soon after Bitcoin breaks above $6,800, $8,800, and $10,000.<\/p>\n
While participating on CNBC Fast Money previous Friday, Novogratz asserted that large funds such as Goldman Sachs and ICE are creating the fundamental infrastructure and appropriate solutions for institutional participation.<\/p>\n
Goldman Sachs has earlier revealed that it is building a custody solution for crypto currencies. While NYSE parent, Intercontinental Exchange (ICE) of late indicated that it is designing the Bakkt platform to improve crypto liquidity.<\/p>\n
While describing the importance of the platform, Novogratz said<\/strong><\/p>\n \u201cIt\u2019s also a bull market in institutions building the infrastructure needed for real money investors to start investing in this space\u2026 I think that in three to six months from now, there will be an \u201call clear\u201d sign for people \u2014 big institutions and pension [funds] \u2014 to start investing.\u201d<\/p><\/blockquote>\n While giving the interview, Novogratz revealed that a dominant institutional investor has already pooled in money in a Bitcoin Hedge Fund. However, Novogratz denied to provide the details of the investor and stated that they are one of the most powerful \u2018endowments\u2019.<\/strong><\/p>\n Similar to the retail FOMO that happened at the end of 2017, there will be an institutional FOMO. Novogratz said<\/p>\n \u201cIt won\u2019t go there ($20 trillion) right away. What is going to happen is, one of these intrepid pension funds, somebody who is a market leader, is going to say, you know what? We\u2019ve got custody, Goldman Sachs is involved, Bloomberg has an index I can track my performance against, and they\u2019re going to buy. And all of the sudden, the second guy buys. The same FOMO that you saw in retail [will be demonstrated by institutional investors].\u201d<\/p><\/blockquote>\n Novogratz also opined that in the next three-to-six months, he anticipates institutional funds to begin flowing into the crypto sector. Furthermore, he believes that by the end of Q1 and Q2 of 2019, there will be quite a lot of cryptocurrency products in the marketplace to promote institutional participation.<\/p>\nMichael Novogratz provides details of institutional involvement<\/h2>\n