Ethereum is the platform where a large majority of decentralized applications are built and ICOs to fund them helped fuel last year’s cryptocurrency boom. Photo: AP

INTERNATIONAL – Michael Novogratz, one of the most prominent investors in digital currencies, reiterated that he doesn’t expect big moves in the price of Bitcoin until institutional investors jump in, perhaps in the first half of next year.

“One thing you learn in this process is that everything takes a little longer than you hoped it would,” Novogratz said in a Bloomberg Television interview. “I don’t don’t see us breaking $10 000 (R142 000) by the end of the year.”

Novogratz’s Galaxy Investment Partners will be one of the first customers of a digital asset unit announced Monday by Fidelity Investments during a conference sponsored by the two companies and Bloomberg, the parent of Bloomberg News.

This, Novogratz belief, could lead institutional investors to put some money into the market which could boost the crypto market for once and for all into what most people are only dreaming that it will be one day.