Mike Novogratz: Bitcoin Will Reach All-Time High Within 18 Months
Mike Novogratz, head of cryptocurrency merchant bank Galaxy Digital, expects bitcoin to surpass its last price high within 18 months. He stated this in a conversation with CNN.
According to the entrepreneur, the $ 6,000 level could become a stopping point, and the next one will be around the $ 10,000 value. He also suggested that this time the rates of other cryptocurrencies will not grow as fast: “Other coins, Ethereum is next in size, followed by Ripple … They have to prove that they can do something, right? “
Novogratz recalled that of all the elements of the periodic table, “only gold is a means of accumulation. They just decided that way. ” Other elements, such as copper, are appreciated because people use them. After that, the head of Galaxy drew a parallel with the cryptocurrency market, where bitcoin will take over the function of digital gold, and altcoins, like copper, will have to demonstrate their useful properties: “In other words, they should gather people into the community, attract developers, attract programmers and show that they are worth something “.
Commenting on the theft of 7,000 bitcoins from the Binance exchange wallet, Novogratz said the event should “somewhat concern” people, while acknowledging that “even the most risky exchanges hold a limited amount of coins in what is called a hot wallet.” “We think exchanges should go to near-complete self-regulation, right? But first, they will do what the regulators tell them, ”he added..
According to Novogratz, recent events have not had a negative impact on cryptocurrency rates, because the market is in a bullish trend, which makes it immune to negative news..
At the end of last month it became known that the losses of Galaxy Digital in 2018 amounted to $ 273 million.
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