Mike Novogratz, a billionaire of Galaxy Investment Partners, has strong beliefs that Bitcoin or BTC is going to have 30% rally by December of this year, meaning that the price of currently, which is $6,700, is going to jump to $8,700 if he is right in his sayings. The backer of EOS, as well as the former Wall Street hedge fund manager, made this statement and prediction on Friday, the 21st of September, in an interview of CNBC, known as “Fast Money.”
Bitcoin will outperform for a while, according to Novogratz
Novogratz claimed that cryptocurrencies have bottomed in prices and that was most of the selling has concluded. That actually means that valuations have nowhere to go, but up. What is, more importantly, he said that they are seeing institutions slowly getting into space. People know a lot of activities in private markets. He added that Bitcoin is going to outperform for a while, as a lot of institutions consider it as a safe store of value, and are going to prefer it over speculative altcoins.
Now, institutions are building the infrastructure for investors to pour money into cryptocurrencies, including top banks, he added. Some new institutional investors could enter within three to six months period. In Q1 or Q2 of the year that comes, the market could see an avalanche of money pour into cryptos. According to the former partner of Goldman Sachs, it will just take one major player to invest in the space for others to join in and bring some loads of capital. These include initial endowments too.
The adoption of Bitcoin is growing every day
Novogratz said that digital gold will be an easier thing for people to swallow. For Bitcoin, it is all about growing adoption rates, in order to justify higher valuations. With each year that passes, younger tech-savvy investors are going to continue investing in a digital asset, to reflect the digital realities of today. BTC will also be used as a payment system, which is surprising. We will see BTC utilized in the retail space and once people see it, they are going to start hoarding some. In fact, that will help with brand recognition, as well as the acceptance of people of it.
The previous week, Tim Draper, who is also a billionaire, made an extremely bullish prediction for Bitcoin in one interview. He said that maybe it is going to dip further but, he made the prophecy and he is sticking to it. He said that there would be $250,000 by 2022 for Bitcoin.
Tom Draper and Satis Group made predictions about BTC
Tom Draper is actually an investing legend in Silicon Valley, where he made early stakes in Hotmail, Skype, as well as Tesla and some other unicorns. Several years ago, he won an auction of $18 million for 30,000 bitcoins which were confiscated from Silk Road by the U.S. Marshals Service. Those BTCs are worth almost $200 million at $6,700.
In one prediction from recently, Satis Group forecasts Bitcoin to gain 367% by 2019 to $32,914. This ICO advisory firm also thinks that some privacy coins like Monero, Zcash, Dash, as well as PIVX, are going to make the most substantial gains out of all coins over a 10-year period.
An American economist, named Jeffrey Tucker said that it is a technology which grows strong when it is under attack. He also said that it has experienced blows, but it only increases stronger and better. This is actually why the critics are continually feeling humiliated, as well as never admit it.