Mike Novogratz Reveals Mass Institutional Migration to Crypto
Mike Novogratz, Forbes ranked billionaire between 2007 and 2009, in a speech at Blockchain week in Korea, that a major movement of institutions was making their way towards the cryptocurrency industry. Speaking to TheStreet in a special appearance, Michael discussed his bets on EOS and the positive gains of security deemed coins.
During the interview, the billionaire spoke about investors from several institutes are paying more attention towards digital currencies and blockchain technology given that both have pretty much cemented themselves as revolutionary assets to the modern world and how they’re destined to become what is commonly referred to as web 3.0, the next-gen of the internet.
He added that several VC's are investing in crypto and blockchain, such as SoftBank and several hedge funds in Hong Kong which provides much more competition for new projects looking to join in. Previously managing hedge funds at Fortress, Novogratz has become an incredible contributor and investor in digital coins and continues providing a heavily bullish outlook on EOS’ blockchain as the most active individual.
Novogratz spoke more about EOS and its foundation, saying the blockchain was built on a certain procedure to provide allotted evidence of stakeholding. Despite several negative reactions to the protocol due to not being fully centralized, Novogratz said that the blockchain continues processing over five thousand transactions a second. He believes that it’ll eventually be able to process fifty thousand transactions a second after some more development in the next few months. The platform will be the first ever of its kind to act as marketable apps will be able to be designed and tested on the network.
Michaels unshakable faith in cryptocurrencies is displayed even more given his continuous dedication to completely prioritize the security token and substitute equity shares with them instead. Through this move, security-classified tokens will become the newest kind of liquidity on the platform aimed at shareholding and real estate.
Although Michael was previously a billionaire, as ranked by Forbes over a decade ago, his massive fortune was accumulated through digital currencies. Despite how a few billionaires continue attacking and criticizing cryptocurrencies, Novogratz is fully confident that they will become the main currency later in the foreseeable future.