I’ve mentioned recently that I’ve come to realize that the people currently in the cryptos space are still in the equivalent of the Altair 8800 days of PCs (add’l reference, for those interested,) or as Andreas Antonopoulis said in 2017, “We are not the early adopters. We are the lunatic fringe.”
This assessment by someone I would consider better educated than me kind of hammers this home and makes me realize two things:
- people, including people I know, are going to think cryptos is just a hobby or interest that I’m into
- we’ve got plenty of time to accumulate
- in five years, people new to the space will look at us now the way we look at people who’ve been in the space since bitcoin was at $100.00
- a lot of people will be proven wrong and wish they’d gotten into cryptos now
Keep accumulating cryptos.
Be well, Everyone.
Wall Street Exec Mike Novogratz: Crypto, Blockchain Mass Adoption Is ‘5 to 6 Years Away’
Former Wall Street executive Mike Novogratz has recently predicted that mass adoption of crypto and blockchain is “still five to six years away,” Blokt blockchain and tech news outlet reports July 19.
Speaking at the Beyond Blocks conference in South Korea, Novogratz, CEO and founder of crypto investment firm Galaxy Digital, still expressed confidence that many institutions will come into the industry “in the next two to three years,” claiming that “without that, we will be running in circles.”
However, the mass adoption of crypto and blockchain technology will come not earlier than in a half a decade, Novogratz added
“You won’t see mass adoption until the user experience does not feel like something new and that is still five to six years away.”
Novogratz explained that one of the major obstacles on the way to widespread adoption is the increasing “cost of technical talent” as well as the doubts of conventional investors, which are aggravated by “no clear precedent for the financial industry”:
“Think about how institutional investors operate. It’s hard to tell your boss ‘I have money in places you have never heard of.’ You need a trusted, name custodian — a Japanese bank or HSBC or ICE or Goldman Sachs — to allow institutional investors to feel comfortable.”
The investment banker noted the importance of the due regulatory approach of the field by the government, as well as urged the mainstream public to get into blockchain and crypto, adding that it is not necessary for users to understand the tech in detail.
Novogratz claimed that while financial regulators are mainly concentrated on professional institutions, like JPMorgan and Goldman Sachs, the industry is mostly based on retail investors. He further suggested that regulators should be more focused on the retail sector instead of large professional institutions.
Ranked one of the richest people this year, Novogratz worked at Goldman Sachs and Fortress Investment Group before launching the Galaxy Digital crypto merchant bank in January 2018.
The investment banker is famous for predicting that Bitcoin (BTC) would skyrocket to as high as $10,000 by the end of 2017, while Ethereum (ETH) would close at $500. Instead, the top cryptocurrencies have gone twice as further, with BTC hitting as high as $20,000 in December of last year, and ETH above $1,300.
In May, Galaxy Digital partnered with Bloomberg in order to launch the Bloomberg Galaxy Crypto Index (BGCI).
Miscellaneous Notes and Tools
to get started with cryptos
Use the Brave browser and block unwanted ads and decide which websites YOU want to support! https://brave.com/tin140
Follow Tiny Crypto Blog on Twitter @tinycryptoblog
And yes, I’m on Facebook
Looking to start purchasing cryptos? Open an account at Coinbase, and you’ll receive $10 in free bitcoin for your first purchase of $100 or more. Link HERE
Are you new to cryptos and want an easy way to mine them? I recommend Minergate as a good way to start out. More Info Here
Need a good, basic crypto wallet? Download the Exodus wallet
Earn free cryptos using crypto faucets
Bonus Bitcoin: earn between 30-150 bitcoin satoshis every 15 minutes. More Info Here
Moon bitcoin faucet: earn and mine free Bitcoin. More Info Here
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Categories: Commentary and Opinions, Implementation, Mike Novogratz -, Time Capsule
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