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Michael Novogratz says easily Bitcoin could hit $40000 by 2018

On Monday, Michael Novogratz, former hedge fund manager says that bitcoin will be four times multiples in next few months.

On Monday, Michael Novogratz said to CNBC’s,

“Bitcoin could be at $40,000 at the end of 2018. It easily could, Fast Money. Ethereum, which I think just touched $500 or is getting close, could be triple where it is as well”.

According to CoinMarketCap, Monday Bitcoin was trading $9592.55 and Ethereum hits a high record of $470.83.

Moreover, the Monday’s statistics of CoinMarketCap says the total market capitalization of all cryptocoins hits $300 billion. On the same basis, Novogratz predicts that it could easily hits $2 trillion by 2018.

He believes that,

“There’s a big wave of money coming, not just here but all around the world”.

Further, Novogratz’s new firm, Galaxy Investment Partners through which he is aiming to launch $500 million cryptocurrency funds.

Also Read: Bitcoin hits $10,000 in Korean exchanges

He continues stating that, approximately 20% to 30% of his net worth is in cryptocurrencies. Thus, he half splits between Bitcoin and Ethereum.

Even he still recommends retails investors to put 1 to 3% of their net cryptocurrency value. However, a wealthier investor adds more that 5 to 10%.

Meanwhile, there was a 20% drop in Bitcoin price in mid-November. According to Reuters, he said bought $15 million to $20 million worth of the cryptocurrency. Since then bitcoin recovers by reaching high time of above $9000 as well as the 50% more in November.

Additionally, Tom Lee, Fundstrat rises his mid 2018 bitcoin project to $11500 from $6000. Also, Ronnie Moas, Standpoint Research’s, raises his 2018 bitcoin price goal to $14000 from $11000.

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Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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