Cryptocurrency investor and trader Mike Novogratz has expressed his belief that Bitcoin has now “bottomed”, pointing to the need for more players in the field.
Speaking to CNBC at Korea Blockchain Week, he said: “I think we’ve pretty much bottomed. I’m not positive we bottomed but it feels like we have… I do think we are building a nice bottom for the next move up.
“We’ve tested the downside a bunch. I see slowly but surely more adoption. There are more people at these conferences, there are more people working at the space. When I look at the private rounds, a lot of institutions are making their first foray, like, putting some money in a venture cap fund – it’s a little safer.”
Novogratz, who is currently CEO of Galaxy Investment Partners, continued to say that clarity around regulation and greater reliability is needed.
“I think the next move up is going to need custody from a trusting source,” he added. “It’s going to need a little more regulatory clarity… We wouldn’t take out $10,000 without those two things because that’s what brings the institutional investors in. But we’re going to get there.”