Mike Novogratz Projects Bitcoin Will Hit $10,000 by Year End
This year Bitcoin has had a fantastic run. This has made investors start correcting their previous prediction about the currency. One of them is Billionaire Mike Novogratz who now believes that the run is not over and that Bitcoin will cross the $10,000 before the end of the year.
Novogratz has been on the charts having been ranked a Billionaire by Forbes in 2007 and 2008. He is one of the biggest investors in Bitcoin. Giving his comments during an interview with CNN he had stated that he would not be surprised when the Currency crossed the $10,000 mark before April 2018. The Billionaire has however changed his stand due to the current run of Bitcoin, and he now believed the $10,000 would be crossed before the end of this year.
Based on his remarks on the Bloomberg tv, he noted that: “I believe we will end the year at $10,000. I believe that will be a decent run and I also expect Ethereum to be close to $500.” Despite the good run by Bitcoin Mike Novogratz believes that Ethereum could be poised for good gains. He continued to say that: “Ethereum has now started to move. It’s my belief that very soon it will hit its all-time new high. This is because there are a lot of good things happening in the Ethereum world.”
A big investor
Mike is a partner in Goldman Sachs and the manager of fund edge at Fortress Investment Group. He is a huge investor in Bitcoin. He invested in 2013 in Bitcoin when Bitcoin value was $50. Following the launch of Ether, he bought at the IPO stage when it cost about 30cents. In the current interview, he stated that he invested about 10% of his entire savings into Ethereum and Bitcoin. Due to the current price rise, Novogratz is now looking to raise $500 million to put up a hedge fund in cryptocurrency space.
Bitcoin does not look to be pulled down. It has been going from strength from strength even shaking off threats like the 30mln hack. Mike knows that security in cryptocurrencies is a threat. Even with that, he did not see the market behave badly after the hack. He sees the $30 as a small fraction as compared to the market cap of $250 billion.
There is hardly anything stopping Bitcoin even the crackdown by China did not affect the currency. This positivity is what made Mike Novogratz change his projection again and again.