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Former Wall Street hedge fund manager and prominent investor Mike Novogratz recently said that the Bitcoin price could break the coveted $10k mark soon and jump to $20,000 per BTC.
He also noted that the digitalization of money had begun worldwide, and the US needs to catch up with other nations such as China.
Novogratz is the CEO of the cryptocurrency investment firm Galaxy Investment Partners and a long-time Bitcoin proponent.
In mid-2019, he predicted that BTC would return to its all-time high price of $20,000 by the end of the year, which didn’t happen.
The primary cryptocurrency descended in value towards the end of 2019, and Novogratz made another forecast that it will finish 2020 at about $12,000.
In a recent interview, however, he appeared much more bullish regarding the upcoming price developments.
While he refuted any assumptions that Bitcoin could displace the dollar as the main currency in the US anytime soon, he noted that people are turning to BTC and gold for the same reasons, which could ultimately boost the prices:
“Why are people buying Bitcoin? They are buying it because of the same reason they are buying gold. Gold is on the highs, Bitcoin has come from being sold-off below $5,000, and it’s back at almost $10,000. Because people worry that the Fed and the Treasury are printing and buying too many dollars. We got this unholy alliance between huge fiscal stimulus by the Treasury and the Fed financing the whole thing.”
Therefore, as excessive amounts of USD continue to flood the economy, the dollar could experience a massive devaluation, Novogratz added.
To fight these adverse consequences, people “are using Bitcoin as a hedge for that.”
As such, he continued that “it will surprise me if we don’t take down that $10,000 soon, and after that, you are going to see $14,000 and then $20,000.”
Novogratz also touched upon the topic of transitioning into a financial system entirely dominated by electronic transactions. He said that 93% of all transactions in China are completed electronically, while the US seems to be falling behind.
“We’re moving into a digital era. And we’re still talking quarters vs. nickels. We need to get our act on the ball fast, or the US is going to fall way behind.
In other trending Bitcoin News today:
PayPal Bitcoin Rumor Boosts $12K BTC Price Rally Chances
Sudden suggestions that Bitcoin support is coming to PayPal and Venmo is causing traders to reassess the likelihood of a BTC price bull run.
Bitcoin (BTC) coming to PayPal and Venmo may be just a rumor, but some of the cryptocurrency’s best-known names are turning bullish.
As the news hit that the payment processor was allegedly planning crypto buying and selling for its 305 million users, BTC/USD spiked to test resistance at $9,600.
Despite PayPal declining to confirm its plans, a wave of optimism has since flooded social media, with various figures welcoming the move while highlighting its irony.
“Slowly, then suddenly,” the Bitcoin Twitter account summarized. For RT host Max Keiser, the move appeared tied to competitive advantage.
Square, the sister company of Twitter, rolled out Bitcoin support with great success last year.
“Bitcoin’s built-in game theory strikes again. Paypal, seeing $SQ making a killing with BTC, is forced to take on BTC or suffer huge competitive consequences,” he tweeted.
“Global Hash War is coming!”
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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:
#Bitcoin’s built-in game theory strikes again.
Paypal, seeing $SQ making a killing with BTC, is forced to take on BTC or suffer huge competitive consequences.
Global Hash War is coming!
— Max Keiser (@maxkeiser) June 22, 2020
“PayPal seized my bitcoin, how do I get it back?!”
– Some poor pleb in the future
— Jameson Lopp (@lopp) June 23, 2020
https://cointelegraph.com/news/paypal-bitcoin-rumor-boosts-12k-btc-price-rally-chances
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