Novogratz Predicts Bitcoin Price at $40,000 By The End of 2018

While Bitcoin's value is growing rapidly, some believe thas it's a bubble, while some others support it even more.

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As Bitcoin surpassed the level of $10,000 many highly-regarded members of the financial industry have spoken publicly about the phenomenon. Some are still claiming that the major coin is a ‘bubble’, while some others keenly support Bitcoin’s future.

Despite the fact that Jamie Dimon, JPMorgan’s CEO called Bitcoin a fraud, it’s highly possible that CME (Chicago Mercantile Exchange) by JPMorgan Chase will offer Bitcoin futures. This is one of the largest banks in the world and as a result, other major banks considering following this move too.

There are still those who fight against digital currencies, such as the bans of virtual currencies by Russia’s and China’s governments.

In contrast, many respected expert analysts and investors firmly support the cryptocurrencies. Last week for example, fund manager Michael Novogratz, stated that many institutional investors with large amounts of capital are preparing to pierce through Bitcoin market.

Seven days after the statement, the major crypto coin climbed up to $10,000 from the level of $8,000.

Industry’s influencers talk about the future of Bitcoin

Furthermore, Novogratz didn’t stop there. On CNBC’s Fast Money show, he dared to predict that the price of Bitcoin could be near $40,000 by the end of 2018. This is about 12 months far from today. However, he also talked about corrections, which are unavoidable to happen. These corrections could stop the digital currency’s uptrend for a while.

Mr. Novogratz blamed coin’s supply for its growing uptake. The Blockchains scalability is contributing to the growing demand too.

For Ethereum he believes that it could easily triple his value at the same time.

In addition, Max Keiser (Host of RT’s Keiser Report)is also predicting an upcoming correction in the future. He estimates it can occur when Bitcoin is about to hit the level of $25,000. Until then, he believes we will witness a powerful uptrend line.

For more news about the cryptocurrency industry, check previous posts on cryptona.

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