Bitcoin could ‘easily’ reach $40,000 by the end of 2018, hedge fund legend Novogratz says

Dec 11, 2017
13
1
6
34
Former Fortress hedge fund manager Michael Novogratz said Monday that bitcoin can multiply more than four times in roughly the next 13 months.
novogratz-300x169.jpg
“Bitcoin could be at $40,000 at the end of 2018. It easily could,”
Michael Novogratz said Monday on CNBC’s “Fast Money.”

“There’s a big wave of money coming, not just here but all around the world,”said Novogratz. He is planning to launch a $500 million digital assets fund through his new firm, Galaxy Investment Partners.

Back on Oct. 10, 2017, Novogratz said on CNBC’s “Fast Money” that he expects bitcoin will top $10,000 in the next six to 10 months. Bitcoin traded near $4,874 that day.

During a mid-November plunge of more than 20 percent in bitcoin’s price, Novogratz said he bought $15 million to $20 million worth of the digital currency, according to Reuters. Bitcoin has since more than recovered to an all-time high of $9,876.83 Monday, according to CoinDesk (current price is near $16,000, see a real-time price chart below). At that level, the digital currency was up more than 15 times in price for the year and about 70 percent for November.

$16624.77
BTC/USD
MktCap$278B
High$16803.56
Low$1910.74
Supply16.7M
Blocks498822
1.1%$178.79

Dec 11, 2017 9:15 PM

With the surge, the digital currency may also have produced its first billionaires, according to the Telegraph: Cameron and Tyler Winklevoss, who are best known for suing Facebook founder Mark Zuckerberg in 2008 over the claim that he stole the idea for the social network from them. They were awarded $65 million.

In 2013, the twins told the New York Times that they owned more than $11 million worth of bitcoin, making them the first well-known figures to divulge such a hefty stake in the speculative asset.

Bitcoin has grown exponentially since: Fortune reports that, when the Winklevosses first invested, the cryptocurrency was trading at $120 per coin, a far jump from the more than $16,000 it has reached today. That's an increase of over 9,000 percent.

"We think that bitcoin is a gold disruptor," Winklevoss said, predicting it may yet appreciate by 10 to 20 times its current value. "We think it's just the beginning. We are definitely holders."

There could be at least 200 Bitcoin billionaires in the world already, and some people are even selling off their own assets and betting on Bitcoin as a longterm strategy for wealth accumulation.
 
Last edited by a moderator: