Cryptocurrency, the latest trend in internet-based financial transactions is expected to reach its highest value in 2019. Michael Novogratz, the CEO of Galaxy Investment and former partner of Goldman Sachs, said he would not surprise if the digital currency reaches its ace value of 14K this year. However, large institutions need to invest in this project.
The digital currency experienced a steep rise from 4K to 13.5K and maintaining a steady position there. A recent announcement from Facebook to launch its own cryptocurrency ‘Libra’ moved the market. Even Novogratz own company Galaxy Investment received green signal from Financial Regulatory Authority (FRA) to issue Initial Public Offering (IPO), the first step to launch Cryptocurrency.
These investments from large institutions with a massive user group will act as a pivotal factor for market expansion. Another leading social network Telegram has already moved forward to launch its digital currency “TON” in the coming October. With nearly 218-million users, TON will be a hard competitor of Libra.
No wonder, this expanding market will attract a massive surge of investments. However, those investments will be regulated. FRA already asked the firms to provide all the activities related to those digital assets.