Back to the list

Michael Novogratz predicts cryptocurrencies reach 5 trillion USD worth in 5 years

30 June 2017 10:14, UTC

Michael Novogratz, a well-renowned billionaire and a former manager of Fortress Investment Group LLC, predicts the future development of cryptocurrency market. Не estimates its worth to become about 5 trillion USD in 2022.

Novogratz is known for putting some of his capitals in bitcoin, as he claimed it in October, 2013. He said he invested in bitcoin and etherium about 10 percent of his net worth, calling it the best investment in his life. Due to that, Novogratz became one of the most prominent supporters of cryptocurrencies on Wall Street.

While making his predictions, the billionaire calls bitcoin to be a future store of wealth and blockchain technology to become a future for money transferring. He estimates the current situation as a “takeoff point”, because of enormous human and financial resources being involved in the process, and it will get bigger, with the good intentions of core developers. In his statements about cryptocurrencies Novogratz refers to Nasdaq Composite Index which got to 5,4 trillion USD in 1999.

Though being so confident, Michael Novogratz still says that the companies must cooperate with regulators to become legit and pay taxes, as it is the only possible way for further development.