Novogratz Calls $10k Bitcoin Price, $500 Ether by 2018
Former Fortress macro-trade manager Mike Novogratz is using his cryptocurrency “poster-boy” status to hearken unprecedented bull runs for the Bitcoin and Ethereum price over the next 5 weeks.
Novogratz Sees Bitcoin Price Capping Q4 Strong
In a November 21st interview with CNBC, Wall Street’s vanguard crypto wiz Mike Novogratz predicted the bitcoin price would climb another 20 percent by year’s end — an increase of approximately $1,700 USD per Coinbase’s charts at press time.
While the macro-minded trader qualified that “we’re in the second or third inning of this revolution,” he was still adamant that short-term prospects are bright:
“I think we literally end the year at $10,000 in bitcoin, so that’s a decent move from here.”
Indeed it is — and it puts BTC right on pace to hit Bitsonline technical analyst Ramiro Burgos’ projection of a $12,000 bitcoin price point in January 2018.
Novogratz Bullish on ETH Price, Too
Ether traders won’t have to worry about being left out of this potential impending bitcoin bull run, at least not this time. That’s Novogratz’s position:
“For a while, ethereum really had an amazing run. It went from $1 two years ago up to $400, and bitcoin kind of stayed on the sidelines during that move. And then bitcoin had a big move.”
“Now, for first timers entering this market, bitcoin is the name they’ve heard of, so that’s what’s really kind of driving that move. Just in the last few days, ethereum’s started to move. I actually think it’s going to put in new highs soon. There’s a lot of positive things happening in the Ethereum eco-system.”
When asked what these new highs would be, Novogratz was unabashed:
“I think we end the year close to $500 in ethereum.”
If Novogratz is right, this rise would mark a 35 percent increase from ether’s current position at press time.
Not bad at all.
Why Novogratz Feels the Opposite of Jamie Dimon
When asked about why he’s so bullish on cryptocurrencies, Novogratz, who’s spry at 52 years old, wasted no time in noting the age gap between himself and many of Wall Street’s more infamous Bitcoin “haters” like JPMorgan’s Jamie Dimon:
“Look, you might’ve noticed all of those guys are over 60 — and I’m not.”
“And there’s some truth to that. In that, you know, it’s very difficult for someone who didn’t grow up in a digital world to actually start understanding how we can moving into a digital world.”
Well said. And Novogratz continued:
“Bitcoin you can look at as digital gold — you know, what is gold? Gold is a precious metal, it could’ve been copper […] but way back, people chose gold to have value, and it has value solely because people say it has value.”
“Bitcoin is built on an amazing technology, there’s a limited supply of it, people are trusting it. Remember — this whole revolution came out of a breakdown in trust, you know, it came out of the ’08 financial crisis, where people say: ‘Hey, we no longer trust financial institutions, we don’t trust governments.'”
Novogratz’s point, then, is that Bitcoin is groundbreaking for the very reasons people like Jamie Dimon despise it: it doesn’t consolidate, but rather breaks up centralized controls.
And the potentials of this democratizing, decentralizing force are limitless accordingly, per Novogratz.
What’s your take? Do you agree with Novogratz — do the number one and number two cryptocurrencies by market cap have big runs ahead of them? Sound off in the comments below!
Images via Coinbase, The Balance, NY Post