Why Goldman Sachs Might Be Scrambling to Catch up with Bitcoin in the Very near Future

Founder of Galaxy Digital Michael Novogratz thinks Goldman Sachs has a lot of catching up to do when it comes not only to investing in cryptocurrencies on an institutional level, but also in educating financial advisors and clientele regarding the benefits of getting into digital gold as an investment.

Galaxy is hiring a former Goldman Sachs partner, Damien Vanderwilt as Co-President and Head of Global Markets. The overarching goal of Galaxy Digital overall is to help bridge the gap between Wall Street, Bitcoin and crypto. Novogratz believes most major banks are falling behind.

Why Novogratz Continues to be Bullish on Bitcoin

Make no mistake about it. Michael Novogratz isn’t a billionaire because he got into cryptocurrencies early. He’s an experienced hedge fund manager who truly believes in the future of the space. At the moment he sees that Wall Street, investment banks and institutional investing bodies are ripe for the picking when it comes to getting into Bitcoin. Today’s news that Twitter CEO and Square partner Jack Dorsey is putting $50 million of Square’s assets into Bitcoin is just the latest in a slew of news related to institutional investing. But there’s another driver Novogratz sees really pushing adoption forward.

Countries and Central Banks are Joining The Party

The Chinese government is working on a digital, blockchain-based version of the Chinese yuan. Many in the Western world might see that as a way for a communist government to control its people. Other governments around the world are certainly taking notice. The European Central Bank is certainly exploring the idea of digitizing the euro, according to a report published earlier this month. Scandinavia is also beginning to take an interest, with the Estonian central bank launching research projects into the idea of adopting a digital currency.

Each of these currencies will no doubt be tied to a central bank, which isn’t the same as being tied to Bitcoin. However, this development does mean that eventually the value created out of thin air by central banks will blur the lines between digital currencies that are government-backed and digital currencies that are not. That can only be a good thing for Bitcoin bulls like Novogratz.

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You can bet it’s certainly going to be good for progressive investors like you as well.