A former Wall Street executive, Mr. Mike Novogratz, predicts that mass blockchain and cryptocurrency adoption will happen in 5 to 6 years. Although more companies are tapping the technology, there are still obstacles that need to be cleared.
During his speech at Beyond the Blocks conference in South Korea, Mr. Novogratz, who is also CEO and founder of Galaxy Digital, shared his thoughts about the status of crypto and blockchain in the future. He says that although there are many industries who are tapping on the technology, especially in the next two to three years, its mass adoption will come not earlier than half a decade.
The CEO and founder of the investment firm explained there are major obstacles along the way that is hindering its adoption. One of which is the cost of technical talent along with the doubts of conventional investors.
“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.” – Mr. Mike Novogratz, CEO and Founder, Galaxy Digital
Mr. Novogratz also took note that regulations from the government is very important and urged the regulators to focus on the retail sectors rather than large professional institutions such as JPMorgan and Goldman Sachs. This is because the industry is mostly based on retail investors, he added.
Mr. Mike Novogratz is included in Forbes’ list of richest people in cryptocurrency. He has experience working with Goldman Sachs and Fortress Investment Group before he launched his cryptocurrency merchant bank, Galaxy Digital in January 2018.