Mike Novogratz, the CEO of Galaxy Digital is not one to shy from bold predictions, and he is once again bullish on the prospect of bitcoin price on 2018. Although Bullish may be a weird choice of words here, based on the fact that only a couple weeks ago “experts” were calling for $20k, then $4k, then $50k, $100k, some even $1M. A little while before that, more “experts” like Thomas Lee were confident the price should be $34,000 USD based on fees… because it makes sense to use something if it costs more… and then Thomas Lee admitted he was wrong shortly after. Just take the word “expert” in use with the word Bitcoin, or Cryptocurrency lightly.
With a lot of experts speculating that digital currencies, in general, are in a stage of a major growth cycle, Novogratz in his interview on CNBC has laid his own claim instead, predicting that bitcoin price on 2018 would most likely push above heights of $10,000 before the end of this year.
Friday Rebound Just the Beginning
While Novogratz gives the impression of someone’s who enjoys sharing his opinions, he is, however, a well-known crypto proponent and an expert industry insider.
Talking about the latest surge in the cryptocurrency market and the increase in bitcoin value also, he insists the ‘rebound ’which happened on Friday would not end there but would be a springboard for the currency instead to surge higher and push towards the $10,000 mark.
Novogratz explained where is confidence was stemming from, as he revealed that he made this prediction through reading technical indicators, without failing to consider the fact that the so-called “ICO sell-off” would most probably be in its last or dying stages.
Why has Bitcoin not surged earlier or heaved much sooner? Novogratz explains that while the institutions are widely expected to not only cause Bitcoin’s surge but also to push it beyond its previous peak; the so-called institutions are still, in Mike’s words, “slowly getting ready to be in this space.”
Telegram’s recent $1.7 billion private coin offering is still proof though that a reasonable number of institutions, while not being aggressive or loud, are still making an attempt at the cryptocurrency industry. What is most interesting, however, according to Mike, is the action of popular financial service providers, such as Goldman Sachs and ICE which are currently chasing solutions to the adoption of the cryptocurrencies all over the world. He talked about how important these platforms are and what they offer to the crypto industry. He stated:
“It’s also a bull market in institutions building the infrastructure needed for real money investors to start investing in this space… I think that in three to six months from now, there will be an “all clear” sign for people — big institutions and pension [funds] — to start investing.”
The Digital CEO admits, however, that it would not be an easy cruise for Bitcoin as he explained that Bitcoin would have to pass vital defining levels of values of $6800, $8800, and $10,000 before it gains the exponential freedom it craves. Yet, damning all circumstances, Mike Novogratz believes it would be dire impossible for Bitcoin not to exceed the $10,000 mark before this year ends.