Bitcoin’s price will rise significantly in the long term, claims Michael Novogratz

  • 03 July 2019, Wednesday, 09:00

Bitcoin [BTC] has been noting massive volatility recently, with the coin rising one moment, and falling the next. However, that has not stopped the community from expecting the coin to shoot up and reach its 2017 high. Michael Novogratz of Galaxy Investments, in an interview with Bloomberg, is of this opinion, stating that Bitcoin’s price could go significantly higher in the long term.

Novogratz spoke about the Bitcoin rally that took the price of the coin from $4000 to $13k, an important resistance. This, and Facebook’s introduction of Libra and the involvement of the likes of Uber and MasterCard, was welcomed by everyone in the cryptocurrency world, noted Novogratz.

The participation of the world’s biggest companies, along with Yale, Stanford and Harvard, has answered the question of institutionalization, and according to Novogratz, now the time is to ‘build the systems.’ As the price of BTC tries to cross the $12k mark, the ex-hedge fund manager stated that the price of the coin could consolidate between $10k and $14k for a while, before it takes the next leg that takes the price over $20k.

Talking about the seller’s market for Bitcoin, Novogratz had previously informed the community about selling BTC when its price was nearing $14k on June 26. With the current market situation, Novogratz believes the next selling point will not be until the coin reaches $14k. According to Novogratz, the next push could take the price closer to $20k. However, he does not see it happening anytime in the short-term.

Nouriel Roubini, a staunch critic of Bitcoin, has said that he does not believe in Bitcoin due to allegations of price manipulation. Novogratz responded to these accusations, stating that since its a new tech, such things happen due to the hype around it. However, these problems are being weeded out by exchanges that are being regulated, he said. He noted that as crypto-adoption increases globally following the participation of companies like Visa and MasterCard, there could be more people using BTC in the future.

At press time, Bitcoin was surging by almost 3% in an hour and was priced at $11,291.30. The reported market cap of BTC was $200.93 billion, as the 24-hour trading volume was noted to be $31.75 billion. The asset grew by 12.50% over the day. However, the coin slipped by 9.95% over the week.