‘I’m Not Selling Bitcoin at $14K Again, It’s Going Higher,’ Says Mike Novogratz
Mike Novogratz, Galaxy Digital founder and crypto enthusiast has predicted that bitcoin (BTC) still has a long way higher to go following its current “spectacular rally.”
With BTC worth circling the $11,000 at press time, Novogratz instructed Bloomberg TV on July 3 that the coin’s spike towards $14,000 and later downwards correction used to be anticipated as a part of its historical strikes. He predicts that the marketplace will see consolidation across the $10,000- 14,000 mark for a while earlier than present momentum enters its subsequent leg and we pass upper.
“I don’t think I’m selling the next time we’re up to $14,000,” he said. “I think the next time we get up there it’s closer to $20,000 […] I don’t expect that in the next few weeks, I don’t expect it till the middle or the end of the fourth quarter.”
The crypto service provider financial institution pioneer mentioned the cryptocurrency’s parabolic worth strikes had been pushed through actual causes, pointing to Fb’s access into the distance with Libra and the truth that bills giants similar to Visa and Mastercard have joined the Libra consortium. He added:
“The biggest companies in the world, we also had the investments by the Yale, Harvard and Stanford endowments. All of a sudden the question around institutionalization has been answered.”
In the longer term, Novogratz argued that bitcoin is carving out its niche as a form of digital gold and that we can expect it to hit a $40,000 valuation and potentially much higher over time. Given physical gold’s current market cap of $8.5 trillion, bitcoin still has some way to go before it catches up, he conceded, yet emphasized that the coin has become legitimized as a real, hard asset with a fixed supply and robust technology.
Novogratz contrasted bitcoin with different cash similar to ether (ETH) and XRP, suggesting that those latter cryptocurrencies are coping with a considerably extra pageant.
The truth that altcoins have observed a lesser worth hike within the present bull marketplace is, due to this fact, an indication that the marketplace has change into extra rational, he mentioned.
Such projects still need time to build the technology that will realize their aspirations, in Ethereum’s case, to succeed in becoming “a web 3.0 decentralized supercomputer” that is scalable and efficient enough for mass adoption. He thus forecasts that we are two to three years away from seeing real growth in the altcoin sphere.
In a short remark on the current state of crypto regulation, Novogratz emphasized that the United States is failing to keep pace with the sector, but that Facebook, Visa and Mastercard’s entries will likely serve as a wake-up call that smarter, if not necessarily more regulation is needed.
As reported, Novogratz’s fresh comments are consistent with his recent analysis that BTC is likely to remain in the consolidation of around $10-14,000, notwithstanding its day-by-day volatility.