Cryptocurrencies Could Reach $5 Trillion in 5 Years, Says Wall Street Billionaire Bitcoin Investor

Billionaire investor Michael Novogratz, a former hedge fund manager who has been supportive of bitcoin, claims cryptocurrencies could be worth more than $5 trillion in five years, speaking at the CB Insights Future of Fintech conference in New York,

For this to happen, companies have to develop business principles that satisfy regulators. The recent cyberattack that disabled computers and demanded $300 bitcoin ransom payments is one reminder of the challenge bitcoin faces, following May’s WannaCry attack. Such events reinforce bitcoin’s reputation as a currency favored by hackers and criminals.

Bitcoin Needs A Better Reputation

Novogratz, who formerly managed liquid strategies for Fortress Investment Group LLC and has addressed bitcoin investments since 2013, is among Wall Street’s most visible cryptocurrency supporters, according to Bloomberg. He urged cryptocurrency companies to pay their taxes since “nobody in that space” pays taxes. He said a core group of developers have good intentions, however.

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