Home / Bitcoin / Novogratz sees Bitcoin record a 30% increase this year, $ 10,000 Next

Novogratz sees Bitcoin record a 30% increase this year, $ 10,000 Next


The billionaire investor Michael Novogratz, a legendary former hedge fund manager, formerly of the investment firm Fortress Investment Group, said that the price of Bitcoin will likely increase by 30% by the end of 2018. [19659002] Once Bitcoin exceeds higher resistance levels of $ 6,800, $ 8,800 and $ 10,000, Novogratz has stated that institutions will enter the market through trusted custodian solutions.

"It is also a bull market in institutions that build the infrastructure necessary for real money investors to start investing in this space … I think that in three to six months from now, there will be a sign" everything clear "for people – large institutions and pensions [funds] – to start investing," he said.

Impossible not to reach $ 10,000

During an interview with CNBC Fast Money, Novogratz explained that it is impossible for Bitcoin not to rebound in the range from $ 8,800 to $ 10,000. Over the past three days, the cryptography market has added $ 25 billion to its valuation, triggered by the 100% increase in the value of Ripple and the strong impetus shown by Ethereum.

As reported previously by CCN, Novogratz pointed out that the next long-term The rally, which could lead the cryptography market's valuation to reach $ 20 trillion, will be triggered by FOMO (fear of losing) between institutions such as funds pension and hedge funds.

In the last month, Morgan Stanley and Citigroup have released their plans for adding crypto-custode solutions to their existing infrastructure in the months to come. With BitGo and Coinbase already operating as reliable and regulated custody solutions providers, there are enough products that institutions can rely on to enter the encrypted market.

As such, Novogratz said that once Bitcoin demonstrates another strong short-term rally supported by individual investors and retailers by the end of this year, more institutions will invest in the market.

"It will not go there ($ 20 trillion) right away." What will happen is that one of these intrepid retirement funds, someone who is a market leader, is about to say, "You know what?" We have custody, Goldman Sachs is involved , Bloomberg has an index on which I can keep track of my performance and that they will buy.And suddenly, the second guy buys, the same FOMO you saw in retail [will be demonstrated by institutional investors]"Novogratz explained.

That's not all.

In 2017 there were discussions about the movement of capital from the traditional financial sector to the encrypted market. However, at the time, there was no infrastructure to attract institutions, which meant that although some institutions were attracted to the market, there were no services that they could use to invest in the asset class.

Significant progress over the last few months, companies such as Coinbase and BitGo expect billions of dollars on the market and by 2019, provided Bitcoin maintains the momentum between $ 8,800 and $ 10,000, the crypto market should see a substantial increase in rating.

Although Bitcoin has not recorded a large upward movement in the last two days as Ripple and Ethereum, the dominant cryptocurrency has shown stability throughout August and September, which is good for the medium-term performance of the asset.

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