Ananya DuttaMichael Novogratz, a former Hedge Fund Manager, has expressed his views on the surge of Bitcoin value all of a sudden. He believes that it would surge even further and would multiply 4 times in the coming 13 months.
In an interview to CNBC on its Fast Money program, Michael Novogratz said:
Bitcoin could be at $40,000 at the end of 2018. It easily could. Ethereum, which I think just touched $500 or is getting close, could be triple where it is as well.
It is to be noted that Bitcoin has seen a huge surge in the past few months and it has touched a $9,656 mark on Monday and then to $9,700. It should also be noted that Ethereum reached an all time high of $493.40 Monday. The total market capitalization of all the digital currency came to around $304 billion on Monday. Novogratz expects it to go even further and reach a $2 trillion by the end of the year.
Novogratz is a legend in hedge fund and his statement about Bitcoin should be keenly looked into. He believes that Bitcoin and other forms of digital currency have huge potentials. The whole world is watching closely the surge in the value of Bitcoin and it is expected to reach new heights in the coming months. Though many analysts have come up with the statement that it is just a price bubble, it looks more than that Novogratz.
Novogratz says, “What’s different about these coins than other commodities … there is no supply response here. So it’s a speculator’s dream in that as buying happens there’s no new supply response that comes up. So every price move gets exaggerated. It’s going to get exaggerated on the way up. There will be 50 percent corrections. It will get exaggerated on the way down.”
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