13 Nov '17, 11pm

Institutional investors close to adopting bitcoin, says ex-Fortress executive Novogratz

Institutional investors close to adopting bitcoin, says ex-Fortress executive Novogratz

Mike Novogratz, the former macro hedge fund manager at Fortress Investment Group who has joined the mad dash for crypto-currencies, said mainstream institutional investors are about six to eight months away from adopting bitcoin . Novogratz said he expects major financial firms will soon start to offer bitcoin or similar products as an investment option, one that could be easily purchased over the phone. "When it's that easy, the price of bitcoin or ethereum is going to go much higher. And that is a lot closer than people think," said Novogratz, who spoke at the Reuters Global 2018 Investment Outlook Summit in New York. Novogratz is now chief executive of Galaxy Investment Partners, a firm that bets on cryptocurrencies and related businesses. A turning-point product from a big financial firm could arrive within six months, he said, though he declined to name any specific c...

Full article: https://www.cnbc.com/2017/11/13/novogratz-says-institutio...

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