A famous Wall Street investor has a position on the future of digital assets. Michael Novogratz, a former manager of Hedge Funds, has agreed on 4 October to join the board of directors of a company specialised in the trade of digital currency. He wants to launch a fund of digital assets to $ 500 million through his company, Galaxy Investment Partners.
The price of crypto-currencies such as Bitcoin have increased significantly this year. The investors were able to raise more than $ 2 billion thanks to the ICO. The majority of traders are interested in these digital currencies, but remain skeptical about their value.
An ICO that has raised close to $ 35 million
Novogratz said that he was in agreement with the fact that the market of crypto-currency is a bubble that may at any time explode. He added, however, that, by putting in place specific regulations, this asset could prove to be interesting.
Here is an extract from the video where Michael Novogratz gives his opinion on the future of crypto-currencies on the TV channel CNBC :
The company’s exchanges of crypto-currencies, AirSwap, based in New York, has raised a fund of nearly 35 million by way of an ICO, the last week. AirSwap will allow users to directly exchange digital currencies. The fund manager has indicated that he was fascinated to see the next wave of innovation in the decentralized exchange.
The technology of blockchain, a true innovation in the area of crypto-currencies
Of new crypto-currencies have developed this year, as industry professionals seek to apply the technology of blockchain. Most of these solutions are based on the technology of Ethereum. Moreover, the traditional players can rightly be cautious.
Indeed, the lack of clear rules does not promote the development of the market. In September, China has already prohibited the trade of crypto-currencies and the use of ICO. The SEC has warned investors against risks related to the ICO.
Source : CNBC