Crypto bulls all over the world are preparing for the future. Bitcoin’s bull run has arguably already started and most of the top players who are interested in profiting have already entered the market. Mike Novogratz, the creator of Galaxy Digital which is a huge crypto enthusiast, is predicting an unforgettable price rally.
According to him, Bitcoin will soon surpass the $11,000 USD mark, which is around what the token is now. He talked to Bloomberg TV this week and affirmed that the coin’s value spiked towards $14,000 USD for a short time, but there was a quick correction. However, he does not believe that $14,000 USD will be the actual ceiling for the token’s price.
Novogratz predicted that the prices will stabilize a bit around $10,000-14,000 USD before they are allowed to move higher, but he seems fairly certain that they can still reach new highs. Because of this, he affirmed that he would not sell when the prices reached the current ceiling.
To him, this bull run will surpass the historic mark of $20,000 USD, in his opinion, but this will possibly happen more near the end of the year.
He also affirmed that prices are going up for good reasons, such as Facebook’s Libra, which brought a lot of attention to the crypto market. The fact that companies such as Mastercard and Visa decided to enter the market is also a huge boost to the market confidence in cryptos as well.
Novogratz affirmed that when Uber, Paypal and some of the biggest universities of the world such as Yale, Stanford and Harvard are all supporting cryptos, the market is bound to be getting stronger as time passes.
In the long term, he affirmed, Bitcoin can really become the new digital gold and be able to hit at least $40,000 USD in value or to go even higher, however, to be higher than that would actually take a long time, in his opinion.
Obviously, Bitcoin still has to make a long effort before reaching gold’s market cap, which is around $8.5 trillion USD. However, the asset is slowly but surely becoming more legitimate, and it has a robust technology, this could boost the prices a lot in the future.
He also believes that other cryptos, such as Ripple’s XRP or Ethereum, are facing a lot more competition than Bitcoin. They are not so big and have several other competitors which can be strong. Libra, for instance, can be a bigger threat to XRP than Bitcoin, while ETH has EOS and Tron (TRX) to look out for.
This is partly why these altcoins have not risen in price as much as Bitcoin did recently. They are not so prominent in their own markets. This is, to him, a sign that the market is becoming considerably more rational than it used to be before when it was mostly driven by emotion.
However, Novogratz is not fully unconvinced when it comes to altcoins. He believes in their potential, only realizes that they are still two or three years from having a real use case that will make them as popular as Bitcoin and, obviously, only the big ones will be able to survive.
At the end of the interview, he also criticized the United States for not creating a more efficient crypto regulation faster. According to him, the sector is failing to keep up with the pace from the rest of the sector and this means that the country might get left behind.
Facebook’s Libra, however, served as a wake-up call for the regulators, as they are now seeing that change is right in front of them and that it will not back down. They will have to find the right solutions to deal with the ever-changing technology.