As per Blokt blockchain and tech news outlet report July 19, CEO and founder of crypto investment company Galaxy Digital, has shared his views on mass adoption of crypto and blockchain technology. According to his prediction, it is “still five to six years away.”
Speaking at the Beyond Blocks conference in South Korea, Novogratz, a former Wall Street executive, expressed confidence that many institutions would join the industry “in the next two to three years.”
However, Novogratz thinks it will take a half a decade until the mass adoption of crypto and blockchain comes. He explained:
“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 emphasizes that one of the major obstacles on the way to widespread adoption is the increasing “cost of technical talent” as well as the doubts of investors due to “no clear precedent for the financial industry”:
“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.”
The investment banker thinks that the governments should elaborate on regulations in the crypto and blockchain field and encourage people to get into blockchain and crypto, adding that it is not necessary for users to understand details of the technology.
He further suggested that regulators should be more focused on the retail sector instead of large professional institutions.
Being one of the richest people this year, Novogratz worked at Goldman Sachs and Fortress Investment Group before launching the Galaxy Digital crypto merchant bank in January 2018.
The investment banker is famous for predicting that Bitcoin (BTC) would skyrocket to as high as $10,000 by the end of 2017, while Ethereum (ETH) would close at $500. Instead, the top cryptocurrencies have gone twice as further, with BTC hitting as high as $20,000 in December of last year, and ETH above $1,300.
In May, Galaxy Digital entered the partnership with Bloomberg in order to launch the Bloomberg Galaxy Crypto Index (BGCI).