Bitcoin Rally is “Just Starting,” Says BTC Bull Mike Novogratz, Predicting $20,000 by Year-End

Bitcoin bull Mike Novogratz has yet again called for a big price target for the leading cryptocurrency.

Novogratz’s price prediction for bitcoin by the end of 2020 is $20,000, the all-time high hit by the world’s leading currency during the 2017 bull rally.

However, he expects the halving event to be a ‘buy the rumor sell the news’ for a few days adding, “I think we're starting a four or five-year bull market.”

Novogratz price prediction came after the flagship cryptocurrency jumped above $10,000, recovering to mid-February levels.

This time he is also a “hodler” because “the macro tailwind and new adoption are game changers.”

“Something really significant is happening” noted Novogratz while pointing out the on-ramps of bitcoin and new buyers pouring into the market, just yesterday came the news of macro investor Paul Tudor Jones buying BTC in the fund and calling it a hedge from inflation.

The single greatest economic collapse in history

The ex-hedge fund manager recently joined Jeremy Allaire, co-founder, and CEO of Circle on his first episode of the podcast, The Money Movement where he also talked about how before the coronavirus ridden economy with a full employment rate, the US was running a 5% fiscal deficit.

But now that we have hit the “single greatest economic collapse in history literally,” the Federal Reserve has to throw a lot of ammunition at this fire which means, “we are gonna run 20 to 25 percent,” which is unheard of.

Already the US national debt has reached $25 trillion, adding $35 billion new dollars to this debt every day since April 9th.

But still, the disposable income is higher than it was last year which is because of the central bank printing money like crazy.

“We've got a lot of income still because the government is giving it away but that ends in July and all of a sudden purchasing power goes down and we'll have a deflation,” explained Novogratz.

So much opportunity in the stablecoin space

This year, besides bitcoin, fiat-pegged stablecoins also registered considerable growth which was the result of a shortage of USD globally.

According to Novogratz, Tether has been “explosive” because it is standing the test of time. Tether is an Asian phenomenon which was used by those Chinese who were not willing to pay taxes and to move money around.

This behavior accelerates during uncertainty and chaos and that's an environment we are in currently.

Also, the fear of germs on paper money due to coronavirus will shift the trend towards digitization.

Talking about the advantage of stablecoins, Kyle Samani, co-founder of Multichain Capital said, transferring stablecoin on the blockchain is a just a “magical experience” which is instant with low fees makes it a better experience than transferring fiat currency.

“There’s so much opportunity in the space and I think we're only just starting to scratch the surface,” said Samani referring to tons of anecdotal stories among people in Venezuela, Argentina, Turkey, and all kinds of jurisdictions around the world where they're trying to escape their local fiat currencies and they want digital dollars.

See the full podast here:

Bitcoin (BTC) Live Price

1 BTC/USD =$9,112.9678 change ~ -0.99%

Coin Market Cap

$167.88 Billion

24 Hour Volume

$4.06 Billion

24 Hour VWAP

$9.11 K

24 Hour Change

$-90.5467

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,468FansLike
2,795FollowersFollow
4,196FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Bitcoin Retail Investors will Eat Up All the New Supply Starting 2028: Report

The latest study titled, “Retail Investors Steady in Physical Bitcoin Snatch-Up” talks about how the remaining 10% of bitcoin supply will take 120 years...

Russian Court Denies Appeal for $900K Compensation for Stolen Bitcoin; It's Not Property

A victim of a kidnapping in Russia who lost $90,000 worth of Russian Rubles and 99.7 in stolen Bitcoin, appealed to the court almost...

Bitcoin Price Dullness Reflects in Difficulty that Records its Lowest Drop since 2010

For the past two months, the price of bitcoin has been stuck in a range of $8,500 and $10,000. The leading cryptocurrency has been...

Litecoin Mimblewimble Testnet on Track to September Launch

While sharing the June progress, Grin developer David Burkett who is working on Mimblewimble implementation to the Litecoin network, said the testnet launch is...

Circle and Coinbase's USDC Becomes Second Stablecoin to Hit 1 Billion Circulating Supply

USDC, the dollar-pegged stablecoin launched by Circle and Coinbase back in October 2018, has become the second stablecoin to see its circulating supply surpass...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today