Mike Novogratz, the former Fortress macro-trade manager, has made quite an audacious prediction in CNBC on November 21. During an interview, Novogratz predicted that both Bitcoin and Ethereum will have an unpredictable rise in their prices during the next 5 weeks.
Bitcoin Price Will Reach $10k
Novogratz seems pretty confident in the rise of Bitcoin’s price. He pointed out in the interview that there are great chances that Bitcoin will reach the price of $10,000 USD before the end of 2017. While he’s not sure about the far future, he’s pretty confident that the near future can be bright:
Another famous analyst, Ramiro Burgos, shares Novogratz’s confidence in the price of Bitcoin. He has recently stated that Bitcoin would be worth $12,000 USD by January 2018.
Ethereum’s Price Will Rise As Well
Another prediction made by Novogratz during the interview was about the price that Ethereum will reach by the end of the year. Novogratz states that “there’s a lot of positive things happening in the Ethereum eco-system” right now, so Ethereum can have a rise in price at the end of the year, too.
The cryptocurrency expert says that Ethereum will not repeat its amazing run from $1 to $400 USD again, but he bets that the cryptocurrency will have an increase in price, too.
When he was asked about this, Novograd stated that he thinks Ethereum will get to the price of $500 USD by the end of the year, an increase of 35% of its current price.
CNBC Cryptocurrency Expert Mike Novogratz Calls $10K BTC & $500 ETH Conclusion
Obviously, many disagree with Novogratz’s predictions. During the interview, Novogratz talked about Jamie Dimon, CEO of MorganJP. Dimon is a notorious Bitcoin hater and he has stated many times that he dislikes and distrusts the cryptocurrency system. Not too long ago, Dimon called his own daughter “stupid” for owning Bitcoin.
Novogratz defends his positions saying that many Wall Street investors are over 60 while he’s only 52 years old. He understands that it is difficult for the old timers to acknowledge that the world of finance is digital today and that it will be like this in the future.
The cryptocurrency experts finished his defense of his position stating that Bitcoin (and all of the other cryptocurrencies, really) are just like gold. Gold is just a stone. If people said, for instance, that copper was valuable instead of gold, he would be. Things have economic value because that is what people believe.
He states that people are believing in Bitcoin exactly because there are no governments backing it, that people moved away from governmental control after the 80s and that they are really interested in a decentralized currency that instead of centralizing the economy, breaks the centralization.