Billionaire Bitcoin advocate, Michael Novogratz: Pricetarget 50.000 by 2018!
According to Bloomberg, the CEO of Galaxy Investment Partners said:
The only reason I’m not sure, and it might be the top for a short period of time, is that it’s a big world, and the market cap isn’t nearly big enough for it to be the top of the whole system.
There’s Still a Bitcoin Buying Demand
Novogratz went on to add:
One of the reasons that it might not be the top, in the short run even, is that usually markets end with exhaustion when there are no buyers left.
He further explained:
They can’t process the amount of buyers that want in, and so I don’t think it’s the top. I think it could have been just speculative frenzy.
A Bubble Burst Doesn’t Spell the End of Bitcoin
Novogratz has previously said that even if the Bitcoin bubble bursts, it doesn’t negate the fact that the currency has staying power in the financial industry. In fact, based on Bitcoin’s stellar performance over the past few days, Novogratz has pushed his previous price estimate up by $10k, predicting that the currency could trade at $50k by the end of 2018.