amed hedge funder turned crypto-investor Michael Novogratz does not think bitcoin will top out anytime shortly.
The previous Fortress manager told CNBC Monday (27th Nov 2017), the Bitcoin that has been flirting with $10,000, could possibly hit $40,000 at the end of 2018.
Michael Novogratz, who’s planning to establish his own cryptocurrency hedge fund, said that “a spike in interest from both institutional & retail investors can drive bitcoin into his eponymous price goal.”
He stated that-
“There’s a big wave of money coming, not just here but all around the world.”
According to the earlier reports of Business Finder, some of Wall Street firms have jumped onto the bitcoin bandwagon, including market makers DRW, & DV Trading. Exchange giants CME & CBOE are set to initiate bitcoin futures agreement, which will allow investors to bet on the future cost of bitcoin, at the near-term.
To be certain, Michael Novogratz does not believe the path to $40,000 will likely be without twists and turns. He said 50% corrections might occur along the way.
Novogratz has been on the money before. In October, he told CNBC that bitcoin could come up $10,000 as soon as soon as March 2018.
Bitcoin started the year just under $1,000. And now Bitcoin is trading at $10,820 per coin (as on 29th Nov 2017), a bit afraid of its all-time high of $9,733, based on the data collected from Markets Insider