Michael Novogratz, Galaxy Digital CEO and former Wall-Street hedge fund manager, is no stranger to Bitcoin price prediction. He believes that, by 2021, BTC ‘should’ reclaim its initial all-time highs of $20,000 all-time high.
The price of Bitcoin $6219.71 +0.00% somehow reclaimed the $6,000 level for the first time in 6 months. Naturally, the latest spike of cryptocurrency led to a bit of interest from various industry proponents. One of them is Mike Novogratz who said that:
“I think $6,000 probably is a stall point. We take out $6,000, the next one is $10,000. Would I be happy if we end the year at $10,000? Certainly I would.”
Mike Novogratz further added that the next bull run will be much different from the one experienced in 2017. He said, this time all other coins will not go up quickly.
Bitcoin (BTC) News Today – Bitcoin Digital Gold
Naming Ethereum, Ripple, and everything other than Bitcoin, Mike said that they’d have to “prove use-case.”
Novogratz referred to the elements on the periodic table, reaffirming his previous position that Bitcoin is going to be “digital gold.” He said:
“114 elements on the periodic table, maybe 118, only one is gold… has store of value just because. Copper brings value for its usage. So they have to prove use case. That means getting people in their communities, developers, and being worthy of something.”
Furthermore, the investor seems not to believe that Bitcoin will ever go back to its $3K lows of December 2018.
Talking about the recent heist to the tune of $41 million in Bitcoin from Binance, the investor said that it’s not good for space and that it’s something worrying. He feels that events of this nature will make regulators push.
When he was questioned why the hack news had no negative impact on the price of Bitcoin, he said:
“In bull markets, markets can digest bad news. We are in a bull market.”
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