Expert Says Cryptocurrencies Will Be a $20T Market

Galaxy Digital, a $250 million investment firm headed by Mike Novogratz that is focused on cryptocurrencies, is very bullish on crypto these days. As a matter of fact, Novogratz recently claimed that the market is headed for the $20 trillion mark, and that is some very good news for investors.

Novogratz is a Wall Street guy who is himself a billionaire and has been very successful and has a lot of powerful connections in the trading world. He believes that cryptocurrency will reach that $20 trillion mark sometime in the future, but he doesn’t expect that it will happen just yet. According to CCN:

Novogratz stated that if the January bull rally of bitcoin, Ethereum, and other cryptocurrencies is considered as a bubble, it can be described as the 1996 dot com bubble which occurred prior to the 1999 bubble that led the dot com bubble to reach a valuation of $6 trillion before it crashed to $1 trillion.

It is expected that the market will hit at least the $1 trillion mark this year with the next bull run, especially with guys like Novogratz and their firms putting their money into the game. The cryptocurrency markets have never been valued at more than $900 million, but as stated, Mr. Novogratz predicted that the value will climb to $20 trillion sometime in the foreseeable future.

Novogratz was quoted as saying that the market “…won’t go there 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’ve got custody, Goldman Sachs is involved, Bloomberg has an index I can track my performance against, and they’re going to buy. And all of a sudden, the second guy buys. The same FOMO [anxiety] that you saw in retail [will be demonstrated by institutional investors].”

This makes perfect sense because everybody wants to make money and ensure that they aren’t left behind. If you consider that all of the Wall Street firms are competing against one another, and that banks like Goldman Sachs and Morgan Stanley are doing the same, it is a good bet that soon they will start to pour money into the crypto markets. But patience is due here, because it may take another few years to hit $20 trillion, but in the grand scheme of things, that really isn’t a long wait.

In the short term, we can expect that the market value will probably hit $1.5 to $2 trillion by the end of next year, and if you don’t panic sell your coins, regardless of what the market is, and hold for the eventual high valuation, then you will eventually see some superior gains as long as you are patient. Just remember that no bull runs of any significance were seen all last year, and then it just took off. Those who held their coins and waited out the bear market were blessed, and those who didn’t wish they had.

Remember also that this is a process, and when the big institutional money starts to come into the market, and the prices start to rise, there will be plenty of FOMO among other institutional investors and they will buy, buy, buy, which will raise the price. Some will be tempted to sell quickly, but for those who can hold onto their coins, there will be some significant gains made and their investments will pay off grandly.

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