“Bubbles and manias happen around things that fundamentally change the way we think,” Novogratz told CNN’s Julia Chatterley during the event. “Finance will be disrupted by decentralized systems, I’m confident of that.”
Bitcoin traded just below $43,000 per coin Thursday. Novogratz expects it to be worth more than half a million per coin in ten years.
But while bitcoin is the biggest and most popular coin out there, there are thousands of others with much smaller market caps and likely perhaps staying power.
“I would bet 75% of cryptos don’t make it” through the next decade, Novogratz added.
Regulatory reckoning coming?
Though the digital currency space is filled with hungry investors and plenty of opportunity to put money to work, one dark cloud keeps hanging over it: regulation.
It’s still not clear which regulatory entity is meant to oversee the crypto market — in part because it’s not clear whether the cryptocurrency is a security or a currency.
Some regulation would be useful, Novogratz said, but he expressed the importance of some freedom to innovate.