According to former Goldman Sachs partner and current Fortress Investment Group CIO Michael Novogratz the smartest guys in the room have all turned their attention to Bitcoin that makes it the most popular among programmers. He explained how Bitcoin has grown to capture the imaginations of programmers from its libertarian roots.
Michael Novogratz says there are estimates that somewhere 30,000 individual programmers are working on Bitcoin. He cited the examples of his friend who is now working full time on derivatives of the digital currency and according to him there’s this open source community where there’s huge brain power, let alone all the VC money that’s going in.
According to Michael Novogratz, Marc Andreessen and his company is a sort of benchmark and shows the potential the digital currency has. He says there is a lot of smart money going in as the investors know that their investment in Bitcoin will pay them well some day.
That There Will Be “A Revolution of Payment Systems”
Michael Novogratz believes that there will be “a revolution of payment systems” and banks will start becoming more of a utility and nothing much more than a nice place to work. At the same time he did not forget to say that in terms of the outlook on the advancement of the industry there will be more regulation and higher risks in the future.
Michael Novogratz is currently heading an investment firm called ‘Fortress Investment Group’ which has a capital of $13 million-worth of Bitcoin. Eventually, in February, the firm became the first publicly-traded company to file Bitcoin holdings.
Banks will start becoming more of a utility
Novogratz who has tons of experience handling the companies operating the banking industry admits that there will be “a revolution of payment systems” and according to him banks will start becoming more of a utility and nothing much more than a nice place to work.
The bottom-line of his entire conversation came in when he said that the future of Bitcoin in terms of functionality will continue to pose as a substantial threat to the current financial industry as well. He also thinks that there will be a time when there will be peer-to-peer lending and the banks are at the receiving end.
To contact the reporter of this story: Deepak Tiwari at email@example.com