At the Economic Finance Disrupted event in Manhattan, CEO of Galaxy Digital Michael Novogratz was apprehensive about Bitcoin and told CNBC that he thinks Bitcoin will be below $ 9,000 for the rest of the year. In a flat statement Novogratz said:
“I do not think Bitcoin breaks the $9,000 mark this year.”
With volume lagging in the crypto market, and with Bitcoin’s price trading between $6,000 to $7,000, it seems unlikely for Bitcoin to make the meteoric rise that a lot of high profile enthusiast have claimed. However, Novogratz does remain optimistic for the flagship digital asset, expecting Bitcoin to reach the $10,000 price level in the first half of 2019, with it eventually stabilizing in the region. This forecast with the hype surrounding institutional investors injecting new and large amounts of money into the cryptocurrency ecosystem.
While these price points are taking more time than originally speculated by Novogratz, Tiger Global Management’s $ 500 million investment in the US-based cryptocurrency exchange giant, Coinbase, seems like the institutions may come around if only for the fear of missing out.
Novogratz has commented:
“Here’s the poster child of the crypto space worth $8 billion – that’s a real company, and Tiger’s not a flake of an investor. These are smart, savvy guys.”