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Why Major U.S. Financial Companies Avoid the Crypto Market

Article by Elizabeth Gail

Major U.S. companies have been avoiding the crypto market for a long time. And now, according to Mike Novogratz, a prominent investor and former hedge fund manager at Fortress Investment Group, there is a major reason for this.

The founder of Galaxy Digital, a cryptocurrency merchant bank, he recently talked about the issue at the Yahoo Finance All Markets Summit and asserted that bitcoin is soon going to experience ‘a renaissance’ and will ultimately be propped up by institutional investors. According to the analyst, many of the big U.S. companies currently have substantial amounts of money ready for investment and some have already shown significant interest in the cryptocurrency market, which is a good indicator of things to come.

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