Mike Novogratz tips Bitcoin to retest $20k before EOY

Former Goldman Sachs partner, Mike Novogratz, has said that 2020 will prove to be an important year in the history of Bitcoin as it looks like it may retest highs at $20,000.

In justification for his theory Novogratz revealed that he has seen more and more hedge funds and high net worth investors get into Bitcoin for the first time.

The Galaxy Digital CEO did, however, make his “now or never” stance clear while speaking in an interview on CNBC’s Closing Bell.

“I said this in a tweet: ‘this is the year for Bitcoin’, and if it doesn’t go up a lot by the end of the year, I think I might just hang my spurs because if it doesn’t go up now, you know, I’m not sure when it will.” He said.

Despite seeming relatively impatient on the speed of Bitcoin’s surge to the upside, Novogratz believes coronavirus will devalue fiat currencies, which will in turn see the price of cryptocurrencies double within the next six months.

“We’re seeing real flows in the Bitcoin.” He added.

“You know, it’s a hard asset. Money doesn’t grow on trades and right now feels like we crossed the Rubicon where everyone feels like money grows on trees.

“I think those tools are the wrong thing. We’re gonna debase the value of fiat.

“We should have doubled within six months. We really should have. This is the time. And maybe within the end of the year, retesting the old highs of $20,000.”

Novogratz has been unashamedly bullish on social media over the past few weeks, telling his followers to “buy Bitcoin”.

“Gold is almost back to it highs. I believe it’s going much higher. Let’s go BTC. Get on your horse and ride. Same thesis.” He wrote on Twitter.

For more news, guides and cryptocurrency analysis, click here

This is not financial advice.