Investor Mike Novogratz predicts Bitcoin price will quadruple

Former Fortress fund manager Novogratz said on CNBC's Fast Money that Bitcoin's value could approach $40,000 by the end of 2018. “Ethereum, which just hit or is approaching $500, could triple.” - Mike also thinks.

“What makes all these coins different from other commodities... There is no supply side response. This is a speculator's dream. While the purchase is in progress, there is no response from the supply side. This sharpens every movement of the course. This will continue on the rise. There will also be corrections of 50%. This will continue on the way down,” he said.

Novogratz said that he holds about 20-30% of his own assets in cryptocurrencies. At the same time, he does not recommend that individual investors invest more than 1-3% of their capital in this type of asset, and large investors - more than 5-10%.  He also focused on creating a hedge fund based on blockchain and cryptocurrencies. The fund's capital value was $500 million.

Novogratz has given several interviews about Bitcoin and blockchain over the past few years. In a May 2015 interview with Bloomberg, he explained in detail why he personally invested in Bitcoin. Referring to the network as an open-source community and the “tremendous intelligence” of “more than 30,000 independent programmers” working on Bitcoin, he noted:

“I believe Bitcoin has a first-mover advantage, as well as the risks associated with it. There will be a revolution in payment systems and the democratization of finance will certainly begin at some point.”

We also note that Novogratz’s October forecast that Bitcoin would cross the $10,000 mark within two months came true completely.

According to https://ttrcoin.com