Going much more long-term, Novogratz said it was within the realm of possibility that the bitcoin market cap could one day reach the current market cap of gold, which is around a whopping $8 trillion USD. If he thinks the “herd” is coming, as it were, then we all best pay attention. In a November 30th interview on Fox Business, Novogratz unabashedly declared that “Bitcoin is going mainstream.”Īnd Novogratz knows what “mainstream” and “institutional” looks like he used to run a Goldman Sachs trading desk in Asia before becoming a hedge fund manager at Fortress. The man who called #bitcoin $10K back in October now sees this /ZeO1ztoRUxĪnd for Novogratz, there’s no confusion as to why that particular price point may end up really materializing.
“Bitcoin could be at $40,000 at the end of 2018,” Novogratz said. Running the crypto-based Galaxy Investment Partners, Novogratz is betting big on the Bitcoin boom in general as his mid-term BTC price projection suggests. Once renowned for being a prominent Wall Street hedge fund manager, Mike Novogratz has now set his sights on the cryptocurrency space, and he’s not turning back. Wall Street Macro Trader Novogratz Sees $40k BTC But how high? Let’s take a look at some of the more prominent projections we’ve seen thrown around in recent days. That means the BTC could potentially shoot up exponentially in future years. There will never be more than ~21 million, and even contemporary estimations say more than 3 million BTC have been lost for good, making BTC considerably scarcer than many realize. No similar supply response can never happen with bitcoins. Think about how when the price of oil surges, more companies begin producing oil, which then increases the supply and acutely deflates the price of oil accordingly. That means as more investments pour into BTC, its price will likely continue to see upward pressure because there will be no supply response. To that end, the scarce, deflationary quality of Bitcoin makes it totally unlike traditional fiat currencies, which are usually prone to inflation and even hyperinflation in the worst of cases.
Things have cooled off in 2018 as prices fell significantly, however many are still bullish about Bitcoin’s long-term potential. Last year everyone was going bonkers for Bitcoin, and that’s no surprise, seeing as how the number one cryptocurrency had an absolutely explosive price performance in 2017.