Cryptocurrency And Blockchain Mass Adoption Is Half A Decade Away – Billionaire Michael Novogratzbr>
Michael Novogratz, CEO and founder of crypto investment firm Galaxy Digital, has predicted that mass adoption of blockchain and cryptocurrency is still half a decade away.
Speaking at the Beyond Blocks summit in South Korea, the Galaxy Digital founder said that while he is confident that many institutions will invest in the blockchain and crypto industry “in the next two to three years,” the mass adoption is “still five to six 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 said.
Novogratz believes that one of the major obstacles to mass adoption is the increasing “cost of technical talent” and “hesitant investors.”
“Think about how institutional investors operate,” Novogratz said. “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 also noted the importance of a solid regulatory framework, adding that there should be more clarity on a national level, starting with the US. He suggested that regulators should be more focused on the retail sector instead of large professional institutions.
“Regulators are supposed to protect the little guy and [initially] they did a crummy job,”
Last year, Novogratz predicted that cryptocurrencies could be worth north of $5 trillion in five years. He also revealed that 20 percent of his net worth was in bitcoin and ethereum. He is estimated to have made over $250 million from cryptocurrency.