Bitcoin will consolidate somewhere between $7,000-$10,000, Michael Novogratz, Founder and CEO of Galaxy Digital, reckons.
“If I’m wrong on that, I think I’m wrong to the upside, that there’s enough excitement and momentum that it could carry through,” he said.
According to a Bloomberg report, Novogratz credits this year’s rally to mainstream acceptance of cryptocurrencies, as well as Wall Street giants and companies like Facebook turning their attention to blockchain technology.
Social success
One of the social media payment methods is going to stick, he recently commented.
In an interview with CNBC, he said: “I think with Facebook’s payment currency, I think Telegram will have one…you will see one of those payment coins work, and that has the chance to be a real currency.”
Real game changer
Bitcoin is just a store of value and as such won’t change the world, Novogratz said last month.
Speaking at the ConsenSys Ethereal Summit, he argued that the cryptocurrency acts as a digital gold. Web 3.0 is the real game changer, being a decentralised platform that processes information. “If you really think Bitcoin will win this store of value, everything else needs to be used for something.”
Out of the rubble
Also last month, Novogratz told CNN Business that Bitcoin will, over the next 18 months, return to its all time high of nearly $20,000. “Out of the rubble, it has popped back up,” he said.
It would take something like a major hack or regulation to shatter this resurgence, he noted. And he urged crypto exchanges to self-regulate in order to bolster security, arguing that “a little bit of guard rails can go a long way”.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.