Galaxy Digital CEO and ex-hedge fund manager, Mike Novogratz, has made a bold prediction about the price of Bitcoin (BTC), saying that it will hit $20,000 within 18 months.
Novogratz was speaking on Fox Business, speaking on why he is so bullish on Bitcoin. When asked for what bitcoin might be worth in 6 months or 1 year, he said,
It’s going to be significantly higher in 6 months or a year. It’ll get back to $10,000 first, and it’ll get back to $20,000 – it would not surprise me, 18 months from now we’re back at $20,000.
Novogratz had earlier been on stage at the SALT 2019 tech conference with notable crypto-detractor. Nouriel Roubini, who holds extremely critical views of bitcoin, much like billionaire investor and entrepreneur, Warren Buffett. Roubini said,
Crypto is the mother and father of all bubbles. [The term] cryptocurrency is totally a misnomer. To be a currency, you have to be a unit of account, valuable, and a scalable means of payment…I’ve never seen such a level of manipulation. The reality is, these are not currencies.
Novogratz opposed these comments in the interview, saying that Bitcoin was no different from gold because, like gold, bitcoin has value because individuals attach value to it, and the arrival of institutions to the space has only further legitimized it as an asset class.