As bitcoin has just celebrated the anniversary of its almost $20,000 record, the world does not stop talking about it. After a terrifying dip, on December 17 bitcoin finally rebounded, and has crept as high as to $3,794. So will it keep growing or not — that’s the question experts try to sort out.
While former Goldman Sachs partner and known bitcoin-enthusiast Mike Novogratz says BTC will not decrease in price more than it has already done, a venture capitalist Tim Draper is making money out of the «big daddy.» According to reports, Draper has piled $1.25 million in a start which processes bitcoin payments only. Meantime, Spencer Bogart, Blockchain Capital partner, confirms that right now is the best investment opportunity for bitcoiners.
No More Falling, Says Novogratz
In a recent interview with Bloomberg, the creator of the cyber-money merchant bank Galaxy Digital Mike Novogratz claimed bitcoin will not fall too much. He also added that in the nearest future the coin’s price will settle between $3,000-$6,000.
Novogratz, who earlier predicted bitcoin will soar till $20,000 next year with the inflow of institutional capital in crypto-ecosystem, says BTC will be a cyber store of wealth on par with web 3.0.
Draper Invests While BTC’s Cheap
No, American VC Tim Draper is not piling in bitcoin, but he has put the eggs into the OpenNode basket, a payments processing startup which works exclusively with bitcoin. According to CoinDesk, the billionaire put $1.25 million into the company. OpenNode says the collected funds will help to enlarge the crew and strengthen its legal and conformity issues.
At the beginning of November Draper reiterated his $250,000 bitcoin prediction. Although bitcoin did not grow but slumped by the end of 2018, Draper is sure that in four years its price will surge.
«Why Didn’t I Buy it Then?»
Last week Weiss Ratings said it was the best time to invest in bitcoin as its price was below $4,000. Spencer Bogart, a partner at a venture capital firm Blockchain Capital, holds the same opinion. In a conversation with CNBC journalist, he said the bearish market is “a fantastic buying opportunity.”
Bitcoin is 82% lower than last year’s $20,000 record. Spencer explained that such drastic changes in the price of the most valuable cyber-coin are caused by retail investors who dominate the sphere.
The VC exec also believes that the technology behind BTC is still alive and relevant. Moreover, the «the best and the brightest» are entering the bitcoin domain, he said, so it has a lot of hope.
Concerning the price of BTC, Bogart suggested it might dip to $1,000-$2,000 but whatever happens — it will still be a great investment opportunity.
“When we look back 24 or even 12 months from now, we’re going to say, ‘why didn’t I buy then?’” concluded he.