Novograz: BTC will reach $ 8,000 in the next rally thanks to institutional money

According to the founder of Galaxy Digital Holdings Mike Novograz, institutional money should start to flow into cryptocurrency during this year, which will prepare the ground for the rally.

“All the architecture that institutions need to feel comfortable is being introduced,” Novograz said in an interview with Bloomberg Television, adding that the mass opening of custodial services in mid-March will pave the way to “smart money.”

According to the investor, institutions can begin to enter the digital asset market when data storage solutions like Fidelity appear. Now they have 200 or 300 clients interested in placing money in cryptocurrency. At the same time, Novograts warned that the institutionalists would not break into the market immediately, as caution is characteristic of whales.

“Over the next 6–12 months, you will see that institutions invest small amounts of their assets in digital currencies,” Novograc said. “And a small amount of institutional assets is a lot of money.”

The investor suggested that the inflow of institutional money could raise Bitcoin to $ 8,000 in the next rally. At the same time, his success will not be connected with the fate of other cryptocurrencies, which will allow him to secure the title of "digital gold".