In a recent interview with Yahoo Finance, Mike Novogratz revealed that institutional appetite for Bitcoin is still on the rise. According to the CEO of Galaxy Digital and former hedge fund manager, the new class of institutional investors seeking Bitcoin exposure doesn’t “have their fill yet.” Novogratz said:
The institutions who are coming into this space now that weren't in the space six months ago, [a] year ago, don't have their fill yet. Not even close. We're in the first inning of a 9-inning game with insurance companies, asset managers.
Novogratz also agrees with the narrative that Bitcoin is changing hands. In the last few days, retail investors panicked and sold following Bitcoin’s decline in prices. Bitcoin whales, on the other hand, were actively buying the sell walls.
What we are seeing is a transition from retail leveraged players into much deeper pockets, much longer holdings hands (institutions). If you are an insurance company and you buy Bitcoin, you are not buying it for two months. You are buying it as a long-duration asset.
In closing, Novogratz does not view Bitcoin as a means of payment. Instead, he sees the digital asset as a store of value. The millionaire expects other cryptocurrencies to take the place of Bitcoin as a medium of payment.