Bitcoin should finish the year at $10,000 while ethereum is likely to close at $500, investing magnate Michael Novogratz said.
Even after a huge move already this year, investing magnate Mike Novogratz sees cryptocurrencies making another leg up before 2017 comes to a close.
Bitcoin should finish the year at $10,000 while ethereum is likely to close at $500, the head of Galaxy Investment Partners and former head of the Fortress Investment hedge fund, told Bloomberg television in an interview. That would represent respective gains of 20 percent and 36 percent from their prices quoted Tuesday morning on CoinDesk.
Novogratz is one of the market’s biggest digital currency bulls and is in the midst of raising cash for a crypto fund that he hopes to reach $500 million.
“Bitcoin is built on an amazing technology. There’s a limited supply of it, people are trusting it,” he said. “Remember, this whole revolution came out of a breakdown in trust, it came out of the ’08 financial crisis where people say, ‘We no longer trust financial institutions, we no longer trust governments.'”