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The billionaire head of crypto investment fund Galaxy Digital, Mike Novogratz, has tweeted more encouragement to the crypto space. In a post that he apparently composed while drunk, he claims that the short-term prospects aren't great, but he is "Very confident" institutional money will come.
Novogratz is known for his bullish predictions for BTC and the crypto market (including $20k in 2019), but he has tempered his enthusiasm a little in recent months, after losing over $100 million in 2018. Despite this, he has recently launched a new crypto fund, and believes that more institutional money and widespread tokenization can still drive the growth of crypto.
Read more: Novogratz to open $250 Million crypto fund, defying trends; Novogratz defies "crappy bear market", pivots Galaxy to tokenized real estate
Realizing having tweeted about crypto in a while. It’s a grind. Don’t think we head north for at least a few more months. Always take longer for institutions to move. Very confident they will. Tons of activity under the hood. Stay the course.
— Michael Novogratz (@novogratz) February 1, 2019
Surveying the current state of the crypto market, he claims that the upswing is at least another few months away, but that it will come. As development continues in the meantime, institutions will eventually be ready to invest when products have been improved.
Many responses to the tweet were positive, although Novogratz did follow up to admit that he wasn't 100 percent sober when he initially posted it. He also pointed out Cosmos (ATOM) as being one project that could see some success. Others claimed that, much like those of CNBC, Novogratz's predictions were a counter-indicator of the crypto market's fortunes, so in the short-term the outlook may be good.
Need a damn editor 😂or ending dry January last night was a mistake.
— Michael Novogratz (@novogratz) February 1, 2019
I invested in cosmos in 2016😉eth was 35 at the time. Hoping your right.
— Michael Novogratz (@novogratz) February 1, 2019
Hey man relax, let novi continue being the counter indicator he is and that he has been. His basically saying we’ll be dumping soon
— Highofcrypto (@highofcrypto) February 1, 2019
Read more: CNBC's Fast Money the perfect Bitcoin counter-indicator? For this trader it works