Mike Novogratz, CEO of Galaxy Investment Partners and prominent Bitcoin(BTC) bull, has toned his bullishness a few notches and reiterates that a price surge in bitcoin will not come until institutional adoptions, which might take the first half of 2019. While speaking to Erik Schatzker on “Bloomberg Markets: The Close,” he stated that the bitcoin wouldn’t break $10,000 in 2018.
Novogratz. who has been a vocal advocate and cryptocurrency, told the network:
“One thing you learn in this process is that everything takes a little longer than you hoped it would. I don’t don’t see us breaking $10,000 by the end of the year.”
Just last month, Novogratz boasted that bitcoin price will witness a 30 percent rise by the end of the year, in an interview with CNBC. He also added that once the price touches the $10,000 range, it will lure the institutions as they will have an “‘all clear’ sign for people — big institutions and pension [funds] — to start investing.”
Emphasizing the need for a long-term rally, Novogratz claims that the crypto market cap could touch $20 trillion valuations. Until now the bull was pretty confident that the current low will soon pass and the crypto market will bounce back and surpass the previous all-time highs.
“[Cryptocurrency] is a global revolution. The internet bubble was only a US thing. It was rich US people participating. [Cryptocurrency] is global. There are kids in Bangladesh buying coins. It is monstrous in Tokyo, in South Korea, in China, in India, and in Russia. We’ve got a global market and a global mania. This will feel like a bubble when we’re at $20 trillion,”