Major investor: Wall Street banks review entry into Bitcoin

The big investor Mike Novogratz believes that institutional investors will invest in the crypto-currency Bitcoin in a few months.

Major investor Mike Novogratz says the first institutional investors, such as banks and insurance companies, will invest in the cryptocurrency Bitcoin in six to eight months, reports Reuters. According to Novogratz, large financial service providers would sell Bitcoin or similar products themselves.

Novogratz is the CEO of Galaxy Investment Partners, a digital financial services firm. Novogratz itself had only last weekend, according to own information for 15 to 20 million euros Bitcoin bought. "The institutionalization of this industry is coming and it is coming fast," Novogratz is quoted as saying.

However, institutional investors and central banks are currently reluctant to invest in the sector because of significant price volatility in digital currencies such as Bitcoin and Ethereum in recent months. For example, the central banks of the EU, Russia and China warned against cryptocurrencies. Alone since the beginning of the year, the price of Bitcoin has increased almost sixfold to about $ 8,000.

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