Mike Novogratz, CEO of crypto management firm Galaxy Digital, is dramatically pushing up his bullish price prediction for Bitcoin.
In a Bloomberg Technology interview, Novogratz shares that he’s witnessing the rising interest of big and institutional investors in the king coin.
“We started seeing one group of investors after another. It was corporates with Square and MicroStrategy and Tesla. It was insurance companies with Mass Financial and others. It’s high-net-worth individuals. It’s ETFs (exchange traded funds).
All of a sudden, we went from a world where buying Bitcoin was kind of fringy or risky to not having it being risky right to not having this part of your portfolio in a world of central banks printing money. Our business at Galaxy is booming. We can’t hire salesmen fast enough to cover all the institutional accounts that want to either understand it or participate.”
As more institutions embrace the flagship crypto asset, the Bitcoin bull predicts that the price of the BTC will more than double and hit $100,000 by the end of 2021.
“It feels like we’re going to consolidate a little bit here in this $50,000 area, caught [between] $42,000 to $60,000 but then the next big leg is up to $100,000, and that wouldn’t surprise me at all if we crack a hundred by the end of the year.”
In November 2020, Novogratz predicted that Bitcoin will hit $20,000 first and then $65,000. The Bitcoin advocate’s newest projection presents an upside potential of nearly 120% as the leading cryptocurrency is currently trading around $45,500.
Novogratz adds that he believes older investors will likely get into the Bitcoin revolution soon.
“You know it surprises me. I’m saying that you know where I was in November, but the adoption I’m seeing is shocking, and it’s not like I’m just guessing. I’m looking behind me, in front of me, and seeing all these new projects that are coming, banks that are going to issue products for their wealth management businesses. Every big bank in America is working on a wealth management product, and so we’re going to get into the baby boomers sooner than I thought we would.”
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