Michael Novogratz, the CEO of Galaxy Digital, opined that it was almost impossible for Bitcoin [BTC] to break the $9,000-mark this year.
Speaking on stage at the Economist Finance Disrupted event at Manhattan, Mike said that he does not see Bitcoin [BTC] get over its current slump until next year. This is because of the dramatic dip in prices was fuelled by industry participants wanting to sell “just to fund the burn rate of the industry”. He said:
“I don’t think it (Bitcoin) breaks $9,000 this year.”
Novogratz predicted Bitcoin to near the $10,000-mark only after the first two quarters of 2019. According to him, companies which saw a sharp rise in revenue during the cryptocurrency boom last year were now struggling to match its expenditure and “obligations”, forcing them to sell in order to facilitate “payrolls”.
Bitcoin is currently experiencing a nose-dive following the cryptocurrency boom last year, which saw its price reach the $20,000-mark. Following this, Bitcoins value dropped by almost 53% in 2018 and is currently trading at around $6,589. The slump also affected other popular cryptocurrencies, with values of Ethereum [ETH] and XRP going down almost 65% and 76% respectively.
According ot Novogratz, the future of cryptocurrencies is bright. He said that the bearish ecosystem will slowly fade, with “meaningful institutional investors’ money making its way to cryptocurrencies by 2019”, fuelling a rise in their values. He is optimistic of where the market is heading, predicting that an escalation in values will be kick-started by the same factor that led to the cryptocurrency boom; the fear of missing out or “FOMO”.
“Here’s the poster child of the crypto space worth $8 billion — that’s a real company, and Tiger’s not a flake of an investor. These are smart, savvy guys.”
Earlier, on multiple occasions, Novogratz was hopeful on the rise of Bitcoins price. Last year, the former hedge fund manager had said that it will cross the $40,000-mark in 2018. However, following the plummet, shot his bullish optimism stating that it will only cross the $10,000 mark this year.
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