Mike Novogratz Predicts Bitcoin Can Hit $9,000 By End of the Year
One of the most prominent Bitcoin bulls, the CEO of crypto investment firm Galaxy Digital, Mike Novogratz predicted that the number one cryptocurrency will reach a new all-time high in 2019.
One of the most prominent Bitcoin bulls, the CEO of crypto investment firm Galaxy Digital, Mike Novogratz predicted that the number one cryptocurrency will reach a new all-time high in 2019 in his latest interview with Financial News.
According to this ex-Goldman Sachs investment banker, a new surge in Bitcoin’s price is going to be fueled by institutional investments, as those giants will not want to miss out on the opportunity to make money when the mainstream acceptance of crypto takes off.
However, Novogratz emphasized that there will be lots of stages in the new rise of Bitcoin, as it first has to break through the $6,800 barrier.
As other crucial points, a hedge fund magnate reveals the $8,800 and $9,000 targets, which, according to him, are achievable by the end of the year.
It is notable that Mr. Novogratz doesn’t see Bitcoin repeating the 2018 bearish Q1. On the contrary, he predicts that the first quarter of 2019 will result in the king of cryptocurrencies reaching $10,000.
“After that, we will go back to new highs – to $20,000 or more,” declared Mike Novogratz enthusiastically.
Why all the enthusiasm?
We cannot deny that institutional investors have been interested in cryptocurrencies. Yet, if one thinks that big players would grow so much if they were taking long positions near peaks, creating more value for early adopters in the process, that person is terribly wrong.
So, obviously, they waited.
It may be a coincidence, but it is more than significant that now when the market started its accumulation period, there is all that talk about custody services, ETFs, and Bitcoin futures contracts.
Novogratz (and other eminent experts) believes that, since large institutional investors tend to copy each other, wall street-like investment possibilities are very likely to create a snowball effect, which will, in turn, drive the price of Bitcoin to the new all-time highs during 2019.
Regulations are a cornerstone for institutional investments
Despite his permanently bullish predictions, Novogratz also declared that government regulations are the prerequisite for the wider adoption of cryptocurrencies as well as for the greater influx of institutional money.
His opinion is shared by some of the giants of the financial industry. One such player is the CEO of BlackRock, Larry Fink.
Fink stated that, although his company already started to slowly embrace cryptocurrencies, it will not launch a Bitcoin ETF until there is a reasonable regulatory framework to do so.
According to Fink, it is all a matter of government control as he explained that he doesn’t see any government allowing regulated cryptocurrency investments unless they know specifically where that money’s going.
Novogratz – a believer and a shorter
Mike Novogratz is a known media figure, and as such, his opinion is widely respected. He also frequently talks about Bitcoin’s future price, something that entices many Bitcoin bugs.
However, in one of his interviews given to the CNBC’s Fast Money in September, he stated that he did a lot of selling at the end of 2017, while Bitcoin was at its peak. He also revealed that he bought back some of his sold Bitcoin during the current bear market.
Bitcoin skeptics could, therefore, easily say that Novogratz is using his position as a well-known investment expert to shill his bags, but who really knows. Be that as it may, Novogratz has already been terribly wrong before.
He predicted the price of Bitcoin to reach $40,000 by the end of 2018, which would be double than what Bitcoin actually achieved last year. As always, educate yourselves, and always do your own research.