Warren Buffett of crypto Mike Novogratz sees looming BTC cathttps://ca.finance.yahoo.com/news/warren-buffett-of-crypto-mike-novogratz-sees-looming-bitcoin-price-catalysts-221712176.html ‘Warren Buffett of crypto’ Mike Novogratz sees looming bitcoin price catalysts"
Institutional money is wildly important. Let me give you some numbers — total crypto market cap, that's Bitcoin and everything else is about a trillion and a half dollars,” he said. “That's 30 basis points of total global wealth — 30 basis points — nothing. For that to shift to 2%, 3%, which I'm fundamentally of the belief that it will, you need institutions. They own all the money.”
As Novogratz contends, a lot of institutional players and hedge funds piled in around the $9,000 level back when hedge fund manager Paul Tudor Jones first laid out his investing thesis and advocated bitcoin’s "digital gold" use case in May 2020.