Former Wall Street Executive Mike Novogratz has shared his outlook on future Blockchain adoption. According to him, the mass adoption of cryptocurrencies and Blockchain technology will not come earlier than in five years.
20 July, AtoZ Markets – Ex-Wall Street executive Mike Novogratz has shared his outlook in relation to the adoption of cryptocurrency and Blockchain. He has stated that the mass adoption of these technologies is “still five to six years away.”
Former Wall Street Executive Shares Outlook on Future Blockchain Adoption
Mr. Novogratz has been speaking at the Beyond Blocks Conference in South Korea. The CEO and founder of cryptocurrency investment firm Galaxy Digital, Mike Novogratz have appeared positive in regards to the adoption levels of Blockchain. He has stated that he believes many institutions will flow into the industry “in the next two to three years,” adding that “without that, we will be running in circles.”
Yet, the mass adoption of cryptocurrencies and Blockchain technology will not come earlier than in five years, according to Novogratz. He has stated:
“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.”
Mr. Novogratz has also explained that one of the key possible obstacles to the widespread Blockchain adoption is the rising “cost of technical talent.” He has also referred to the hesitant position of traditional investors, which is also worsened by “no clear precedent for the financial industry.” Mr. Novogratz has been quoted as saying:
“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.”
Following on this, the investment banker has stated that it is very important to have the clear regulatory approach of the crypto sector by the government. He has urged the public to study Blockchain and cryptocurrencies, stating that it is not necessary to get into the details of the technology.
Mr. Novogratz has claimed that financial regulators are primarily focused on professional institutions as of the moment. However, the sector now needs more attention directed towards retail investors. He also suggested that regulators would need to pay more attention to the retail sector instead of putting their efforts towards the institutional investors.
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