The Galaxy Financial investment Partners founder made this prediction on the Monday episode of CNBC’s Fast Money, explaining that while he would certainly not be surprised to see a short-term pullback after this quarter’s unbelievable rally, he thinks the market’s long term fundamentals are well and deserve a bullish posture.
A number of weeks earlier, Novogratz had predicted that the bitcoin price would get to $10,000 prior to the end of the year. Although it had yet to get to that mark by the time of writing, the bitcoin price shows up positioned to punch through that barrier at anytime. As a matter of fact, it has actually currently done so on South Korean exchanges, which tend to trade at a $100 to $200 premium beyond the global average price.
Although several mainstream analysts remain to deride bitcoin as a bubble, Novogratz– that currently says that as high as 30% of his net worth is invested in crypto assets– believes that the marketplaces are still far also small to be thought about a repeat of the dotcom bubble that happened at the turn of the millennium.
‘ This Thing’s Most likely to Go a Great Deal Higher’
So even though he would not be shocked to see a short-term “backfill,” he believes that, barring an “about-face” from regulators or a significant exchange hack, the market will recoup as well as remain to climb up quickly throughout the coming year.
“Over the medium term, this thing’s most likely to go a lot higher,” he claimed, reflecting that his current mid-term target of $1 trillion got on the traditional end. He now believes that the crypto market cap will certainly get to as high as $2 trillion by the end of 2018 standing for a sixfold to sevenfold boost over its current level.
And also if investors are able to withstand the urge to take profits, he states the long-term leads are even more attractive, both for bitcoin in specific as well as crypto assets generally.
“If gold’s $8 trillion, I’m thinking why bitcoin cannot get there,” he stated.