Mike Novogratz, a former Wall Street executive and investment banker, predicts that the mass adoption of cryptocurrency and blockchain technology is still 5-6 years away.
“You won’t see mass adoption until the user experience does not feel like something new and that is still five to six years away.”
Novogratz expressed that the industry needs a precedent for other companies to follow:
“Think about how institutional investors operate. It’s hard to tell your boss ‘I have money in places you have never heard of.’ You need a trusted, name custodian — a Japanese bank or HSBC or ICE or Goldman Sachs — to allow institutional investors to feel comfortable.”
Novogratz stressed the importance of a proper regulatory framework. He mentioned being “wonderfully happy with the posture of US regulators,” regarding the fight with fraud and market manipulators.
“The bet I am making is that sometime in the next two to three years, a herd of institutions will come running into this space. Without that, we will be running in circles.”
Novogratz got famous for predicting that Bitcoin (BTC) would reach $10,000 and Ethereum (ETH) $500 by the end of 2017. Both coins actually doubled that prediction with BTC reaching $20,000 and ETH – $1300 in December last year.
Do you agree with Novogratz’ prediction? Do you think that it will take 5-6 years for a mass cryptocurrency adoption? Share your thoughts in the comments below!