Mike Novogratz Not Sell Bitcoin at $14k Again
Recently, Mike Novogratz the founder of Galaxy Digital and a crypto enthusiast predicted that the Bitcoin(BTC) prices may go much higher then now if it grows with the current rate.
As of now, BTC is circling at $11,000 but the press time when Novogratz told Bloomberg on 3rd of July about the Coin’s spike to $14,000. He also concluded that before the spike the coin price will be around $10,000 to $14,000 before its prices spike in the market.
To this, he said:
“I don’t think I’m selling the next time we’re up to $14,000, I think the next time we get up there it’s closer to $20,000.”
He said I don’t expect that in the next few weeks, he is further expecting the price surge at the end of the fourth quarter or maybe after that.
Seeing the current surge of Bitcoin Prices, a crypto merchant bank pioneer said that the prices moves are due to various reasons, Facebook’s entry with Libra currency and some of the major payments giant like Visa and MasterCard to join the Libra stablecoin.
He further added the investments by institutions like Yale, Harvard and Stanford and with this, all the questions around institutionalisation were answered.
While looking at the long run of the currency Novogratz argued, that Bitcoin will soon be a form of Digital Gold and thus it’s expected to have a valuation of about $40,000 or even much higher.
As we all know that physical golds current market is of about $8.5trillion this Bitcoin has a long way to go so it can catch up. He also emphasized BTC had turned out to be a real asset with fixed supplies and operating on robust technology.
Novogratz further suggested that coins such as Ethereum(ETH) and XRP are facing significant competition due to the rising price of BTC.
Further talking about the altcoin he said that altcoin is experiencing a lesser price hike in the current market which proves the market to be more rational.
While addressing he said that such digital currency projects need time to realize the aspirations like in case of Ethereum that succeed in becoming a web 3.0 decentralized supercomputer and being scalable and easy for mass adoption.
He sees the coming 2 or 3 years will see growth for the altcoins in terms of market.
He further stated that the United States is falling to keep Pace with the sector, but with the entry of Facebook, Visa and MasterCard is somewhat improved in this sector.
