Mike Novogratz: Bitcoin Rally Likely to Start in 2019

Analysts in the cryptocurrency market just can’t stop talking about especially after its unprecedented rally last year. However, this year of 2018 has been a roller-coaster ride for bitcoin investors. Moreover, due to the high unpredictability and volatility of bitcoin, analysts have been shifting their target goal posts frequently.

Just 20 days back from now, bitcoin bull Mike Novogratz said in a CNBC interview that bitcoin can reach $10000 by the year-end. However, Novogratz is yet again seen shifting his price targets for bitcoin. While appearing in a Bloomberg television interview, Novogratz said:

“One thing you learn in this process is that everything takes a little longer than you hoped it would. I don’t don’t see us breaking $10,000 by the end of the year.”

Institutional Push Necessary for bitcoin Price Rise

One thing where Novogratz remains firm is that he reiterates his view saying institutional entry is key for the bitcoin price surge. Unless that happens, a sustainable price surge in bitcoin seems a distant dream. Novogratz says that perhaps we can see a significant institutional money flow in the first half of next year, 2019.

However, it’s not just Novogratz but a general market sentiment built that institutional entry will bring back the lost glory of the crypto market. Since the beginning of 2018, heavy and repeated corrections have hit the crypto market. The overall crypto market has lost 75% of its valuation from its peak of over $800 billion in January 2018. bitcoin too has lost more than 70% of its price from the peak of above $20000 per BTC token.

However, crypto firms and enthusiasts have still not given their hopes even after facing severe headwinds this year. Companies are working towards developing several institutional products to provide a conducive environment for big institutions to enter the cryptosphere. A number of companies are pushing to introduce bitcoin exchange-traded-funds (ETFs). Although the SEC has been firm on its stand saying that the market is not mature enough to deal with these products. Furthermore, a number of crypto hacks and loss of millions of dollars of investors funds has forced the regulatory agencies to take a strict stand.

Regulatory Intervention, a Welcome Move?

The decentralization feature of the cryptocurrencies aims to keep centralized institutions and regulators away. However, some analysts have openly gone on supporting regulatory intervention. They believe that regulatory intervention will ensure to keep bad actors away from the crypto market. This will result in creating a more conducive and healthy environment for retail as well as institutional investors.

Additionally, a number of big names from the global financial space like  Intercontinental Exchange (ICE), Fidelity Investments, and others are working on different products to promote crypto use and spending in daily life. Some of them are also working on providing safe storage solutions. Overall, a collective effort is made by established as well as new financial players to push forward the growth of the crypto market.

However, in July 2018, Novogratz stated that mass adoption of cryptocurrencies is still five to six years away.

The post Mike Novogratz: Bitcoin Rally Likely to Start in 2019 appeared first on CoinSpeaker.

European expansion will create new jobs and grow the burgeoning Irish crypto economy

The number of Coinbase customers in the European Union (EU) grew faster than any other market in 2017. As we scale, we need to attract the best, most qualified and passionate talent to help us achieve our mission of creating an open financial system for the world.

We explored a variety of cities across the EU, and Dublin was the clear choice. Our new office will help us tap into the city’s diverse talent pool and long-standing support for technological innovation, including a burgeoning cryptocurrency economy. The Dublin team will complement Coinbase operations in London and host a variety of new business-related functions, including roles for which we’re hiring right now.

“Dublin is a talent hotspot for companies like Coinbase as they scale and internationalize critical businesses operations,” said Martin Shanahan, CEO of IDA Ireland, the country’s inward investment agency. “We look forward to welcoming Coinbase into the Irish economy, and helping them access our talented pool of young professionals from the technology and financial services sectors.”

“I am delighted that Coinbase is opening an office in Dublin,” echoed Ireland’s Minister for Financial Services and Insurance Michael D’Arcy T.D. “This decision highlights the competitive offering and attractiveness of Ireland for financial services.”

Expanding our presence in Dublin is one more step along our journey to ensure Coinbase is viewed as a trusted and easy-to-use cryptocurrency platform in Europe. It’s exciting to continue encountering people all over the world who are eager to help us unlock the power of cryptocurrency and accelerate its adoption worldwide. We look forward to harnessing Ireland’s entrepreneurial spirit and contributing to the growth of the Irish technology sector.

For more information visit: www.coinbase.com/careers

Coinbase expands with new Dublin office was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.