- “Bitcoin probably consolidates somewhere between $7,000 and $10,000,” Novogratz.
- Novogratz connects the current bull rally to the mainstream adoption of digital assets.
The founder and the chief executive officer of Galaxy Digital, Michael Novogratz while speaking to Bloomberg via a conference call said that Bitcoin is likely to consolidate in a range between $7,000 and $10,000.
Novogratz was discussing his company’s quarterly earnings report but made a remark on Bitcoin price saying:
“On a go-forward basis, bitcoin probably consolidates somewhere between $7,000 and $10,000.”
“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.”
According to Bloomberg, Novogratz connects the current bull rally to the mainstream adoption of digital assets in addition to the traction the blockchain technology is getting for firms in Wall Street and other technology based firms. For example, Microsoft currently uses Bitcoin’s blockchain identity management as well as Facebook’s speculated cryptocurrency.
“We have gone from, you know, crypto as an experiment, is it real? Is it tulips? To crypto is going to be a substantial part of the financial and consumer infrastructure of the world.”
Galaxy digital posted a net income of $12.9 million in the first quarter of 2019 ending March 31. Looking back the firm posted a net loss of $134 million in the same Q1 last year. The growth in the income has been linked to appreciation of digital assets in addition to investment gains.
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