TL;DR Breakdown
- Mike Novogratz makes new Bitcoin price prediction.
- Novogratz’s previous Bitcoin price prediction.
Popular Hedge investor and founder of crypto firm Galaxy Digital Michael Novogratz has said that Bitcoin price would hit $100,000 this year. He predicts that every company in the U.S would invest in Bitcoin this year.
The investor who said this in a Bloomberg interview reacted to Tesla’s recent Bitcoin investment. He said Tesla CEO, Elon Musk, is a genius for listening to people and investing in Bitcoin. “You’re going to see every company in America do the same thing. It doesn’t have to be a lot. It’s the messaging that matters, you’re seeing the herd here, and it’s coming, he said.
Why firms would invest in Bitcoin
The investor said that U.S firms would invest in Bitcoin as a Hedge investment and because of a falling dollar. He noted that a rising generation includes cryptocurrencies, Tesla, Solar stocks, and ESG investing. Novogratz said that young people are buying into the future as they see crypto as their currency.
He revealed that his firm’s coins are now worth over $760 million after they invested $134 million to buy 71,079 coins. He also said the richest man in the world has now invested in cryptocurrency, which he predicts has seen CEOs’ and CFOs’ thinking about investing in the crypto asset.
Michael Novogratz previous Bitcoin price prediction
Last year, the hedge investor predicted that the price of Bitcoin was going to hit $65,000 as he advised Maisie Williams to invest in the crypto asset. While responding to Maisie’s poll on Twitter on if she should buy Bitcoin, Novogratz said he expected the price to hit $20,000 before getting to $65,000 because of a “network effect” in which there are a ton of new buyers and low supply.
“So YES, buy it,” he said.
Back then, Bitcoin was priced around $18,480. Bitcoin began to surge in October when PayPal announced it would allow its users to buy, sell, and hold the cryptocurrency on its network. The price gained 70 percent in August alone last year. Novogratz has long advocated Bitcoin and said he expected its price to keep increasing as more people warm up to the idea of adding it to their portfolio.
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