Mike Novogratz: Bitcoin will reach all-time high by year-end thanks to Libra


  • Novogratz believes that Facebook’s Libra will help push Bitcoin’s price up.
  • He also observed that there has been a renewed interest in Bitcoin since the Libra announcement.

During an insightful interview with Bloomberg TV, Galaxy Digital CEO, Mike Novogratz, said that Facebook’s Libra will help push Bitcoin’s price up and will bring new users into the crypto space.

“Facebook’s got two billion-plus consumers. Why it’s such an exciting experiment is if it gets turned on, and I think there’s a probability it does and a probability it doesn’t, but assuming it gets turned on you, now have up to two billion consumers that get to actually experiment and use it….So before Facebook launches, we’re going to have a real view at an experiment called Telegram where they also have a userbase. These projects, if it’s Bitcoin or Ethereum, it’s converting new users. It’s not offering new product to existing users. So I think the chances of adoption in these existing platforms is pretty high and that will spill over into the broader crypto community.”

Novogratz also revealed that there is a renewed interest in crypto since the Libra announcement as Galaxy Digital has been getting a lot more calls than usual:

“From the moment the Facebook Libra project got announced, the phones started heating up again. Crypto had been quiet. Bitcoin had a monster correction. Crypto had a 95% correction in 2018. And when Bitcoin started moving back up again, when people start making money, people get interested. And the price went up for a few reasons. 

It went up because of the China trade war. It went up because we’ve got political instability all over the world. It went up because people started talking about easing rates again. And the debasement of fiat currency argument got involved. And then mostly Facebook. Institutions are investing in funds out in San Francisco and they’re getting much closer to making either their first or major investments in the space.”

For his 2019 Bitcoin prediction, Novogratz feels that Bitcoin is going to consolidate in the short term with a drop to $8,500, but will spike up to its all-time high:

“So we had a big move from $4,000 to almost $13,500. And I think we’re going to consolidate. I originally said $10,000 to $14,000 – $8,500 should be the low that holds. I’m hoping it doesn’t get down there, but if it does, it wouldn’t surprise me. And then I think, as these institutions that have gotten excited again, maybe towards the end of the year, hopefully sooner, we push out of that range and we go back to the old highs at $20,000.”


 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin's price to follow the hash rate increase if the history is any guide

Bitcoin hit the highest level of 2020 at $9,184 on Sunday ant retreated to $8,638 by the time of writing. The first digital asset has lost 4.6% of its value in recent 24 hours.

More Bitcoin News

Ripple may be ready for another bull's run as BitPay adds XRP support

Ripple's XRP, now the third-largest digital asset with the current market value of $10.1 billion has lost nearly 6% in recent 24 hours.

More Ripple News

DASH/USD drops 30% from 2020 peak as bulls lose their mojo

Dash was among the biggest gainers in the January 2020 bull-run. From the December low around $38, the price spiked remarkably, breaking numerous barriers.

More Dash news

LTC bulls are not ready to regain initiative

Litecoin, the 7th largest digital coin with the current market value of $3.6 billion, lost over 6.5% in the recent 24 hours amid global correction on the cryptocurrency market.  

More Litecoin News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Bulls piggy-back on altcoins rally

This week was marked by a strong altcoins rally on the cryptocurrency markets. Bitcoin SV (BSV) and Dash experienced the sharpest price increase over 100% in recent seven days...

Read the weekly forecast

BTC

ETH

XRP