News Bitcoin could 'easily' reach $40,000, says man who predicted...

Bitcoin could ‘easily’ reach $40,000, says man who predicted current high — RT Business News

-

- Advertisment -

Bitcoin could 'easily' reach $40,000, says man who predicted current high — RT Business News

The world’s most valuable cryptocurrency bitcoin can quadruple in price from the current record high of $10,000 in the next 13 months, predicts former Fortress hedge fund manager Michael Novogratz.

“Bitcoin could be at $40,000 at the end of 2018. It easily could,” Novogratz told CNBC.

On Monday, the digital currency smashed the $10,000 mark on South Korea’s Bithumb, one of the world’s biggest exchanges for cryptocurrencies. Bitcoin started the year at below $1,000 and has since jumped more than ten-fold.

According to Novogratz, by the end of 2018 bitcoin’s rival ethereum “could be triple (from) where it is as well.” Ethereum also reached a record high of $493.40 on Monday, gaining almost 6,000 percent this year.

The investment guru claims that “probably over 20 percent” or “maybe even 30 percent” of his net worth is in cryptocurrencies, split roughly in half between bitcoin and ethereum.

The total market capitalization of all digital coins according to CoinMarketCap hit over $300 billion this week. Novogratz expects that to increase by about six times to $2 trillion by the end of next year.

“There’s a big wave of money coming, not just here but all around the world,” said the businessman who plans to launch a $500 million digital assets fund through his new firm, Galaxy Investment Partners. Demand from Asia, mostly from Japan and South Korea, has been the most significant contributor to bitcoin’s gains since China halted all exchange-based crypto trading.

Novogratz says that in contrast to oil and renewable energy products, companies cannot produce more bitcoin to meet demand since the digital currency’s supply is limited to 21 million coins.

Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Mercuriex Cryptocurrency Exchange Launches New Utility Token, SURF

MercuriEx Cryptocurrency Exchange, originally developed in 2017, came under new ownership in December 2019. Since taking over the exchange,...

Fungibility: Bitcoin Mixers Favorite Term That No One Understands

Fungibility, perhaps the most important concept when dealing with a decentralized and anonymous currency, but does bitcoin...

Crypto can’t thrive in the real world – but stablecoins can

We can safely say that the hype about cryptocurrencies is pretty much over. The claims of Bitcoin...

How to double your crypto

Most of us have a small gambler deep inside our souls. We love to feel the thrill...
- Advertisement -Bitcoin could 'easily' reach $40,000, says man who predicted current high — RT Business News

Cryptocurrency Top Security Risk Concerns: What You Can Do to Protect Your Crypto

A report by CipherTrace revealed that in the first half of 2019, criminals and fraudsters stole more...

How has Bitcoin of America Changed the Cryptocurrency Industry?

Who is Bitcoin of America? Bitcoin of America is a U.S. based digital currency...

Must read

Mercuriex Cryptocurrency Exchange Launches New Utility Token, SURF

MercuriEx Cryptocurrency Exchange, originally developed in 2017, came...

Fungibility: Bitcoin Mixers Favorite Term That No One Understands

Fungibility, perhaps the most important concept when...
- Advertisement -Bitcoin could 'easily' reach $40,000, says man who predicted current high — RT Business NewsBitcoin could 'easily' reach $40,000, says man who predicted current high — RT Business News

You might also likeRELATED
Recommended to you