Mike Novogratz Doubles Down on $10,000 Bitcoin

Sujha Sundararajan
Nov 22, 2017 at 12:25 UTC
NEWS

Billionaire and ex-fund manager Mike Novogratz has restated his belief that bitcoin will end the year at $10,000, adding that ethereum could close at $500.

Speaking with Bloomberg Daybreak: Americas yesterday, Novogratz said that "I think we'll hit a new high soon ... we'll end the year at $10,000 in bitcoin."

Ethereum, the second largest cryptocurrency by market value, will also reach a new high soon of "close to $500."

He said:

"There are a lot of positive things happening in the ethereum ecosystem."

Novogratz further played down the recent Tether hack, in which over $30 million-worth of tokens were stolen, noting that "these are all very young experiments."

Notably, the billionaire told Bloomberg that he has invested in initial coin offerings or ICOs, including one launched by the WAX digital asset exchange.

With plans to start a $500 million fund for cryptocurrencies, token sales and related startups, called the Galaxy Digital Asset fund, Novogratz indicated that he goes to great lengths to ensure the safety of his cryptocurrency holdings.

Novogratz first predicted the $10,000 bitcoin price last month, stating that he believes the value will be reachedin six to 10 months.

Michael Novogratz image via CoinDesk archives

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