Mike Novogratz discusses post-halving BTC and ETH predictions
- Mike Novogratz, CEO of Galaxy Digital, expects more institutional investors to buy BTC after billionaire Paul Tudor Jones’ endorsement.
- Novogratz believes that Ethereum will take much longer to grow despite following Bitcoin’s lead.
Mike Novogratz, the founder and CEO of Galaxy Digital, has discussed his predictions for Bitcoin and Ethereum following the former's halving. In a recent CNBC interview, Mike said that he is expecting more institutional investors to buy BTC after billionaire Paul Tudor Jones called it the “fastest horse” in his portfolio.
I would expect the market to hold here at $8,000 [or] $8,500 and to start trading right back up. We’re seeing in our shop a huge increase in interest in Bitcoin, in getting into crypto from high-net-worth individuals, from funds… It feels like a herd is on its way, finally.
I’ve been waiting and waiting for the institutional side. I think this [Paul] Tudor Jones news is very big news because in some ways it takes the career risk of looking dumb out of buying Bitcoin.
Additionally, Novogratz believes that Ethereum will take much longer to grow despite following Bitcoin’s lead.
The other projects, Ethereum being the most promising and second-biggest, really continue to need to develop the underlying technology so it’s used more often… As the Ethereum project grows, I think the value will go up.
But I don’t think it’s today’s news. It will get dragged along with Bitcoin but [will then] accelerate on its own, probably for a year or two until it really gets users on the platform. It will be a network effect: the more programmers, the more coders, the more businesses over time, the value will go up.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
