Mike Novogratz: Bitcoin May Hit $20,000 in 2019

Mike Novogratz: Bitcoin May Hit $20,000 in 2019

Ex-Goldman Sachs partner and a bitcoin bull Michael Novogratz named a condition upon which the «big daddy» will be able to hit the margin of $9,000 by the end of the year. 

In a recent interview, Novogratz also reiterated his prediction that next year institutional investment flows into bitcoin will increase. Therefore, according to Novogratz believes, bitcoin will be able to climb as high as to $20,000.

Bitcoin Might Hit $20,000 or More?

In a recent conversation with Financial News journalist, Michael Novogratz, top exec of multi-service merchant bank Galaxy Digital, made another budding prediction about bitcoin. The former hedge0fund manager assumed that next year the most valuable cyber coin in the world may be traded at $20,000 or more. 

He also predicted by the end of 2018 BTC might be traded at up to $9,000. However, under one condition:

“Bitcoin has to take out $6,800, and after that, we could end the year at $8,800-9,000,” said Novogratz.

As of writing, bitcoin’s price is $6,539, and this is an outcome of relative stability of the coin within the past weeks. Some experts point out such lack of volatility shows that the crypto-market is maturing. For instance, in a recent interview with CNBC another bitcoin bull Tom Lee said he was surprised about such a stability in bitcoin.

However, according to Novogratz, the status-quo if bitcoin might be challenged next year — in a positive sense though. A few weeks ago the bull forecasted an inflow of institutional funds in the bitcoin ecosystem. Novogratz believes this prediction is still relevant. 

In particular, he said that institutional investors will face the same «fear of missing out» (FOMO) as retail investors did, and thus prices on the crypto-market will soar. The investment race will cause bitcoin to hit $10,000 by spring and later on the coin may see 2017 mid-December’s record of $20,000 again. 

Image Source: Flickr

What Everyone Should Know About Tokenization
Blockchain tokenization is a means of digital representation of a right and can be done with the help of a ledger. This can be a right to asset...
Bitcoin’s Volatility? In 2017 BTC Was More Stable Than In Its Early Days
Despite some 30% crashes in 2017, bitcoin managed to increase by total 1,400% last year, conquering the world’s financial stage. Banks are becoming...
Stablecoin - Everything You Need to Know
What Is A Stablecoin? You must have heard of cryptocurrency which has been the recent talk of the town. Well, stablecoins are a form of...
Gold Pulls Bitcoin Investors From BTC, Says Van Eck Associates CEO
In 2017-2018 bitcoin bit gold as bait for investors. However, the situation is expected to change in 2019 as investors already hope more for the gold...
Crypto-Supporter Milne Said Bitcoin’s Only Ledger to Last 100 Years
As bitcoin continues trading approximately Twitter thread entrepreneur Alistair Milne forecasted that the upcoming cyber money bull will decide which...
Increased Supply of Altcoins Will Depress Bitcoin, Says St. Louis Fed Report
As it is known, crypto-supporters (bitcoin bulls) widely believe that the increase in the capped supply of all cyber-coins will boost bitcoin’s value...
BTC Market Cap Will Surpass $7 Trillion Gold Cap, Say Winklevoss
Recently, Tyler and Cameron Winklevoss, world-known entrepreneurs and early supporters of cryptos, have taken part in Reddit’s traded at $4,061 and...
Crypto-Community Celebrates Bitcoin’s 10th Birthday
This year’s January 3 marks a decade since the first bitcoin block was generated by Satoshi Nakamoto. Back then, in 2009, this person (or group of...
Best Bitcoin Memes in 2018: ‘Hodling’ and Crying
2018 has not been an easy year for bitcoin, not at all. Whereas it left 2017 at the price of $10,000, it started the new year in a pretty bullish...
Bitcoin Hits $4,190 For The First Time Since Early December
For the first time in a fortnight, bitcoin has managed to creep above the $4,000-margin. As of writing, the king of all cryptos is traded at $4,031...