Michael Novogratz, CEO of Galaxy Digital, said Bitcoin [BTC] is nearly impossible to exceed $ 9,000 this year.
At Manhattan’s Economist Finance Disrupted, Mike said he would not see Bitcoin [BTC] until next year. This is due to the dramatic price declines caused by industrial companies seeking to sell “solely to finance the industry’s consumption rate”. He said:‘
“I do not think (Bitcoin) will break $ 9,000 this year.”
Novogratz predicted that Bitcoin would approach the threshold of $ 10,000 after the first two quarters of 2019. According to him, companies that had a strong increase in income during the booming cryptocurrency fight last year had now registered their spending and theirs “Obligations” and to force them to sell, to facilitate the “labor costs”.
Bitcoin is currently experiencing a major slump after the cryptocurrency boom last year, when the price hit $ 20,000. As a result, Bitcoin’s value fell nearly 53% in 2018 and is currently trading at around $ 6,589. The slump also hit other popular cryptocurrencies, with Ethereum [ETH] and XRP falling nearly 65% and 76%, respectively.
According to Novograz, the future of cryptocurrencies is promising. He said the bearish ecosystem would slowly disappear, “the money of the major institutional investors moving towards crypto currencies by 2019,” thereby fueling their growth. He is optimistic about the direction of the market and expects an escalation of the values to be triggered by the same factor that led to the cryptocurrency boom; the fear of disappearing or “FOMO”.
The cryptocurrency advocate also commented on Tiger Global Management’s recent $ 500 million investment in Coinbase, the largest cryptocurrency platform for users. Following this, the platform of exchange is now estimated at 8 billion and Novogratz proves the development “relocation”, which is that the crypto-currencies to stay here and legitimacy. He said:
“It’s the $ 8 billion Crypto-Space ad – it’s a real deal and Tiger is not an investment plague – they’re smart and wise people.
Earlier, on several occasions, Novogratz had hopes that bitcoin prices would rise. Last year, the former hedge fund manager had announced that he would cross the 40 000 in 2018. However, after the collapse, his bullish optimism has revealed that he would exceed the $ 10,000 threshold this year.
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