Billionaire investor Mike Novogratz has argued the cryptocurrency revolution is ‘five to six years away’ from impacting our everyday lives, as mainstream adoption takes longer than many think.
Speaking to Bloomberg TV Novogratz, who’s the chief executive officer of Galaxy Digital Holdings, noted he believes institutions are slowly entering the cryptocurrency space, although mainstream adoption takes time.
The billionaire investor noted that his firm buys bitcoin during price dips while maintaining a core exposure it merely holds onto, claimed the cryptocurrency revolution is “five to six years away” from impacting people’s lives. He added:
What 2017 did, that crazy bull market, is it got people unrealistic expectations on how fast the blockchain revolution, the crypto revolution is actually going to happen. You gotta give them some more runway before we give them the thumbs up or thumbs down.
Novogratz compared cryptocurrencies and related startups to Peloton Interactive, a home exercise startup he invested in that recently filed for an initial public offering. He noted the firm needed eight years to get to where it is, and that many cryptocurrencies aren’t that old yet.
Per his words, bitcoin has been outperforming the rest of the market so far this year not because of it being the first cryptocurrency, but because it’s a finished product, a digital store of value.
The CEO of Galaxy Digital added the cryptocurrency space is not a “backwater experiment anymore,” but is instead “part of the financial infrastructure.” He noted it’s time for regulators to “catch up.”
Back in May of this year, Novogratz claimed that web 3.0, an evolving set of protocols and standards for the technologically advanced world wide web using decentralized applications and smart contracts, will change the world – not bitcoin.