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Mike Novogratz, CEO of crypto management firm Galaxy Digital, is dramatically pushing up his bullish Bitcoin price prediction for 2021.
In a Bloomberg Technology interview, Novogratz shares that heâs witnessing the rising interest of big and institutional investors into BTC.
âWe 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. Itâs high-net-worth individuals. Itâs 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 canât hire salesmen fast enough to cover all the institutional accounts that want to either understand it or participate.â
As more institutions embrace the flagship crypto asset, the Bitcoin bull predicts that the BTC price will more than double and hit $100,000 by the end of 2021.
âIt feels like weâre 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 wouldnât surprise me at all if we crack a hundred by the end of the year.â
In November 2020, Novogratz predicted that Bitcoin will hit $20,000 first and then $65,000. The Bitcoin advocateâs 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.
âYou know it surprises me. Iâm saying that you know where I was in November, but the adoption Iâm seeing is shocking, and itâs not like Iâm just guessing. Iâm 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 weâre going to get into the baby boomers sooner than I thought we would.â
In other trending Bitcoin News today:
3 reasons Bitcoin Recovered By 8% Overnight â Key Levels To Watch Next
The price of Bitcoin (BTC) recovered by more than 8% overnight on March 1 following a steep drop during the weekend.
There are three reasons the price of Bitcoin recovered swiftly in the past 24 hours. They include the recovering global stock market, rising Coinbase premium, and a typical weekend reversal.
The global stock market has started to recover as soon as the market opened on Monday, March 1.
The stock market slumped over the past week due to the rising Treasury yield curve. As the bond market rallied, risk-on assets, such as stocks, saw a pullback.
Holger Zschaepitz, said the global risk markets started the week strongly as bond yields eased. He said:
âGlobal risk mkts start the week on the front foot as bonds rally. Australiaâs 10y yield fell 25bps, German 10y drops 3bps ahead of inflation data. US 10y steady at 1.41%. Following last weekâs bloodbath, easing in bond yields is big relief. Gold gains to $1757. Bitcoin at $46.8k.â
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
The all-fiat money global experiment that started in 1971 led to increasing synchronized central bank policies. Now, there is only one global bank. And itâs about to fail (due to a collapse in confidence in fiat money, exacerbated by the rise #Bitcoin) pic.twitter.com/Fg82WkA9CI
â Max Keiser (@maxkeiser) February 28, 2021
Citibank have released a 106-page report on #Bitcoin.
BTC’s attributes “could spur it to become the currency of choice for international tradeâŠ. Bitcoin is at a tipping point and we could be at the start of a massive transformation of cryptocurrency into the mainstream.” pic.twitter.com/i8lrpxn5Ha
â Bloqport (@Bloqport) March 1, 2021
https://cointelegraph.com/news/3-reasons-bitcoin-recovered-by-8-overnight-key-levels-to-watch-next