Former Wall Street executive and financial expert, Mike Novogratz, has stated that the mass adoption of crypto and blockchain technology is still far off. The cryptocurrency industry is currently a place of mass speculation in regards to not only trading and price of coins, but also its future. The word is on ‘the street’ that blockchain is still five or six years away from making its mark in the mainstream.
When it comes to crypto and blockchain technology, people who are knee-deep in the industry sometimes fail to understand that mass adoption of the technology is still a few years away. We are so caught up in the moment that we fail to realize that not everyone is on the crypto bandwagon as of yet.
Predictions for the future of crypto and blockchain technology
To put things into perspective and to keep our feet firmly on the ground, former Wall Street executive, Mike Novogratz, threw his 50-cents into the busker’s hat this week when speaking at the Beyond Blocks conference in South Korea that is publicizing blockchain technology.
Novogratz, who is also the CEO and founder of the crypto investment company Galaxy Digital, reckons that major institutions will come into crypto over the course of the next three years, and without them doing so, the industry will continue to be a headless chicken and will keep going around in circles. That is a controversial and contentious opinion in many quarters of the crypto industry.
He went onto say that although major players might well enter the game very soon, crypto and blockchain technology will not fully permeate the mainstream for maybe half a decade.
“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,” said Novogratz at Beyond Blocks.
Reasons why it will take so long…
Some of the major obstacles why the widespread adoption of crypto and blockchain technology will take so long is the “cost of technical talent” said Novogratz, along with the doubts of investors as there is “no clear precedent for the financial industry.”
He went onto say that it is almost impossible to convince conventional investors that you have money stored in places you have never heard of before and that it is important that major banks such as the Japanese Bank, Goldman Sachs, HSBC or other major players enter the market to give mainstream investors confidence.
The former Wall Street exec claims that it is also important that a regulatory approach by governments or independent bodies will give confidence to mainstream investors and will urge more of the public to get involved with crypto and blockchain.
At this point, it is important to mention that Novogratz was ranked one of the richest people in the world this year and formally worked at Goldman Sachs and the Fortress Investment Group before making his move in the crypto and blockchain technology industry by forming Galaxy Digital. His past is most definitely swaying his words, but is the future of crypto in the hands of major banking institutes and corporations? We hope not!