Mike Novogratz sees FOMO among institutions by cointelegraph.com

https://cointelegraph.com/news/can-crypto-record-a-1-000x-return-and-reach-200-trillion-market-cap

Mike Novogratz sees FOMO among institutions

In June, Novogratz stated that the crypto market will feel like a bubble once it reaches $20 trillion, after experiencing a hundredfold increase from the current price range.

At the time, Novogratz explained that the next rally of crypto will be fueled by institutions entering the crypto market, triggering FOMO (fear of missing out) among other institutional investors.

“[Cryptocurrency] is a global revolution. The internet bubble was only a U.S. thing. It was rich U.S. people participating. [Cryptocurrency] is global. There are kids in Bangladesh buying coins. It is monstrous in Tokyo, in South Korea, in China, in India and in Russia. We’ve got a global market and a global mania. This will feel like a bubble when we’re at $20 trillion.”

Over the past month, as Cointelegraph reported, Citigroup, Morgan Stanley and Goldman Sachs — three of the largest investment banks in the U.S. — have publicly released their plans to facilitate growing demand for Bitcoin from institutional investors.

Morgan Stanley is said to have already established a system to process funds coming from the traditional finance sector into the crypto market and is currently awaiting an internal procedure to launch its crypto custody.

Novogratz stated:

“It won’t go there [$20 trillion] right away. What is going to happen is, one of these intrepid pension funds — somebody who is a market leader — is going to say, ‘You know what? we’ve got custody, Goldman Sachs is involved, [and] Bloomberg has an index I can track my performance against,’ and they’re going to buy. And all of the sudden, the second guy buys. The same FOMO that you saw in retail [will be demonstrated by institutional investors].”

The deployment of crypto custodian solutions by regulated financial institutions and strengthening infrastructure around crypto will increase the probability of institutional investors committing to cryptocurrencies, which may increase the chances of the crypto market potentially achieving hundreds of trillions of dollars in valuation.