Michael Novogratz, founder, CEO and chairman of Galaxy Digital, has weighed in on the possible price of BTC by the end of the year. According to the cryptocurrency influencer, this present bitcoin bull market would see bitcoin price touch the much anticipated $20k by the end of 2020.
Crowning Crypto Climbing Greater Heights
Although Michael Novogratz was bullish on a few other investment options like gold, Tesla and other stocks, the investment banker and ex-hedge fund manager expressed his opinion on a long-standing debate of bitcoin being digital gold and the possibilities of seeing new national cryptocurrencies from places like China, Japan and possibly the United States within the next couple of years.
Recently speaking at an interview with CNBC, Michael, clarified that the major driver of the present bull market and general cryptocurrency market capitalization was liquidity. He also made remarks that bitcoin has definitely set itself apart from the “sea of coins” presently flooding the crypto markets and has also set course for greater price targets. According to Michael Novogratz,
“…Liquidity!!! We’ve got global rates low, people pumping in money!.. Nothing is moving in China and the country is getting ready for liquidities… And so this is driving stocks, its driving cryptos, driving gold…”
Its worth noting that the largest cryptocurrency has slightly declined from its five figure. At the time of reporting this, Bitcoin is plummeting by 1.81 percent within the past 24Hrs, trading at the value $9808 against USD. More so, the token is currently appearing with the market capitalization of $178,722,213,658
A Line Of Code Built 11 Years Ago, Now Worth $200 Billion!
When asked why bitcoin hasn’t been going up for eleven years as a result of liquidity, Novogratz reacted that bitcoin was in line as digital gold, a mission that couldn’t complete overnight. According to him,
“Bitcoin is eleven years old. It’s found in the lane as digital gold and you don’t become digital gold right away. And there is a story of slow adoption.
Bitcoin is the best new brand for the last eleven years. $200 billion market cap for a line of code that came out eleven years ago…People now believe it’s now a store of value, similar to gold!”
Bitcoin at $20k By End Of 2020
Michael Novogratz seems to agree with the other cryptocurrency enthusiasts and speculators who believe bitcoin is still highly undervalued! A $20k prediction seems to be collectively reasonable among these blockchain evangelists coming to conclude that bitcoin’s All-Time-High (ATH) price is the starting point of a new wave of jaw-breaking price action which will surge BTC further up the charts.
In his interview with CNBC, Michael pronounced BTC to be priced at around $20k by the end of the year.
Speaking about the possibilities of a few upcoming national digital currencies, Michael Novogratz expressed concerns about the pace at which the United States are either developing or regulating the blockchain technology. According to Michael Novogratz,
“The US is falling behind a little bit but the bulk of the technology is still being developed here. The regulators have been completely slow…”