Galaxy Digital CEO and billionaire investor, Mike Novogratz, has expressed his usually bullish stance about Bitcoin, saying that it will reach its current record high of $20,000.
Novogratz spoke about his thoughts on Bitcoin, on CNBC’s Closing Bell. According to him, 2020 will be a great year for Bitcoin, adding that it’s unlikely that the asset will miss a bull market this year.
“This is the year for Bitcoin and if it doesn’t go all out by the end of the year, I think I might just hang my spurs. Because if it doesn’t go up now, I’m not sure when it will.”
Novogratz’s optimism, according to him, comes from the fact that some heavy investors, who never really bothered about the industry, are coming big into the market.
The billionaire also gave his 2 cents about the US Federal Reserve printing trillions to pump into the market. While he thinks that authorities might have a good enough reason to do that, it might be a bad idea for fiat, which could be bullish for Bitcoin.
“Money doesn’t grow on trees. Right now, it feels like we crossed the Rubicon where everyone feels money grows on trees. I don’t think the FED’s doing the wrong thing, it’s just that we’re going to debase the value of fiat.”
When asked to give a specific figure, he says Bitcoin’s current all-time high is a possibility.
“Bitcoin will double in the next six months and retest the old highs of $20k by the end of the year.”
Last month, Novogratz expressed similar views, predicated on the fact that Bitcoin is a safe-haven asset especially with the uncertainty coming on the back of COVID-19.