$8 billion valuation of Coinbase proves cryptos are not ‘tulips’: Michael Novogratz

A woman picks tulips in a field in the central German town of Heppenheim on April 16, 2010. 

Torsten Silz | AFP | Getty Images

A woman picks tulips in a field in the central German town of Heppenheim on April 16, 2010. 

The biggest U.S. cryptocurrency company has reportedly been valued at billions of dollars and that’s a bullish sign for the industry’s legitimacy, according to former Fortress hedge fund manager Michael Novogratz.

Michael Novogratz

Rick Wilking | Reuters

Michael Novogratz

The Coinbase news flies in the face of bitcoin being “tulip-mania,” said Novogratz, a former Goldman Sachs macro trader.

Bitcoin has dropped more than 53 percent this year alone, and was trading near $6,540 Tuesday. Others like ether and XRP fared even worse, and are down 65 and 76 percent respectively in 2018, according to data from CoinDesk.

Novogratz, whose cryptocurrency-focused merchant bank Galaxy Digital went public on a Canadian stock exchange in August, predicted major institutional money in bitcoin by next year.

“You’re going to see pensions and endowments come in, or I will literally come back next year, and wear no shoes,” Novogratz said.

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