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.