This view was given by a manager from New York, who is starting a $500 million Hedge fund investing in cryptocurrencies. Mike Novograts says the bitcoin rally still has some serious stages.
He noticed, that the largest and most widely known digital currency will end the year at $10,000, rising from the point of $8,400 roughly.
In his interview on Bloomberg Television, M. Novogratz characterized Bitcoin as a digital gold
“ It is built on an amazing technology, there is a limited supply of it. This whole revolution came out of a breakdown in trust after the crisis in 2008.
Bitcoin reached the mark of $8.374, after Novogratz’s comments. Earlier it falled over 5.4 percent, after another cryptocurrency called Tether, has been hacked and $31 milion was stolen from it.
This matter doesn’t stopped Novogratz. He continues investing. But some players are worried, because prices have moved far, he think, and those, who made big profits, want to get out and book their profit.
Novogratz’s Galaxy Digital Assets Fund with $500 of market capitalization would be the biggest company, which accepted cryptocurrencies as a legitimate investments.
He has a great enthusiasm about this business, but many of Novogratz’s Wall Street partners disagree with his position. One of them is Jamie Dimon, the chief of JPMorgan Chase & Co. He said anyone who buys bitcoin is “stupid” and will pay the price. Others consider, that Bitcoin is a “scam for criminals around the world,”
“All of those guys are over 60 and I’m not. There’s some truth to that in that it’s difficult for someone who didn’t grow up in a digital world to understand that we’re moving into a digital world.” – mentioned Novogratz, who is 52.