Novogratz Sees Record-Breaking Highs in BTC Prices for 2019
Cryptocurrency investment company Galaxy Digital’s Chief Executive Officer Mike Novogratz has predicted that BTC is bound to break its current market gloom and rise to a value of $20,000 next year, sustained by an increase in investments by major financial institutions.
Novogratz, who was an investment banker at Goldman Sachs, noted that institutions will begin investing in cryptos for fear of missing out and that will result in a market rise during the next few months as cryptos will begin gaining more prevailing acceptance. He says conventional financial entities will be taking the leap into cryptocurrencies.
Novogratz says that BTC has to pass the $6,800 mark and then should be at the range of $8,800 and $9,000 as 2018 comes to an end. As for the 1st quarter of the new year and going forward, prices should return to its highs of about $20,000 and even more.
Last summer was a tough one for cryptos, stuck in a continuing trap of falling prices that the market wasn’t able to shake loose of since the year started. For BTC, whose prices had reached a massive high of $20,000 last December, it was a disappointing run this year.
Even though prices were on a downward slope lately, cryptos received a huge lift as Yale, Harvard, and Stanford universities decided to put forth their multi-billion-dollar funds as an investment in cryptos. Furthermore, the University of North Carolina, MIT, and Dartmouth all followed suit making an astounding total amount of $108 billion from all 6 schools. Novogratz expects major institutions to do the same as a move like this will start a sort of chain reaction and major entities will fear that they’re missing out on a huge opportunity.
The crypto industry has always prided itself because it’s decentralized and mostly without any sort of regulations, but Novogratz sees some legitimized regulations will actually be of benefit to the market. He says that any legal rules will force prices to go up because it will become a legitimized market with no scams occurring.
Moreover, the biggest asset manager in the world, BlackRock, has started to embrace cryptos slowly, but its Chief Executive Officer Larry Fink warned that the company would launch their own ETF for bitcoin only when the industry is legitimized. Fink explained how the crypto has to be supported by the government and that he doesn’t see that happening unless they know where the money is going.
Even though the bear market is still ongoing, Novogratz has hopes that cryptos will reach record-breaking highs in the near future.
Mike Novogratz still believes that the long-term future for cryptos includes very high prices. An indication for such a prediction, in his opinion, is the fact that huge financial institutions such as Goldman Sachs and Intercontinental Exchange have actually begun implementing process in their financial structures in order to be compatible with adopting cryptocurrencies.