Mike Novogratz: Institutions Waiting for Key Indicator To Flash

It’s been just reported that the institutions are waiting for the key indicator to flash before going all in crypto. Check out the latest reports about this below.

Galaxy Digital boss Mike Novogratz says that the biggest players are waiting for a certain sign from the crypto markets before looking at allocating capital to the crypto space.

In a new interview with Raoul Pal on Real Vision, the crypto veteran made sure to explain the fact that institutions have mostly done all the due diligence they need on the space but may be waiting for retail traders to jump in first.

“Crypto needs the retail participants to come back to these communities to buy in, to believe, to drive price, because that’s what’s going to get institutions back engaged. Institutions intellectually understand this business. They understand blockchain versus Bitcoin versus Ethereum. They’ve done all their homework, [but] they’re gun shy. It is going to take energy. Energy is price.”

It’s been also revealed the fact that last week, the Department of Justice (DOJ) announced an enforcement action against little-known crypto exchange Bitzlato.

It’s also worth noting the fact that they did not reveal the exchange’s name until the time of the press conference.

Novogratz also said that he had his fingers crossed that the enforcement action wouldn’t have anything to do with Binance. He also said the largest crypto exchange’s success is crucial for retail traders and the crypto space in general.

“There was this announcement today that the DOJ was going to [announce an enforcement action]… and I was like ‘Please, don’t have it be Binance.’ Listen, we need to cheer for Binance. We do. They are 60% of the liquidity, or 40%, some giant percentage of the liquidity. CZ (Changpeng Zhao) has been always very focused on customer service. So he’s got a very loyal giant retail following that believe in our ecosystem.”