Mike Novogratz Predicts Bitcoin Surge with Institutional Interest

Bitcoin’s Journey Towards $20,000

In a recent interview with Bloomberg, Galaxy Digital CEO Mike Novogratz made waves by predicting that Bitcoin (BTC) would ascend back to its all-time high of $20,000 by the end of 2019, thanks to a surge in institutional interest. His optimism comes after Bitcoin’s impressive leap from a mere $4,000 to nearly $13,500, indicating a volatile yet promising trajectory for the cryptocurrency.

Predictions and Projections

Novogratz projected that Bitcoin would likely find itself nestled in a comfortable consolidation range between $10,000 and $14,000. But, as he explained, this resting phase would be short-lived: once institutional investors rekindle their interest in cryptocurrency, Bitcoin’s price might skyrocket, making its way back to that coveted $20,000 mark.

Institutions: A Key to Recovery?

The crux of Novogratz’s argument hinges on the idea that institutional interest is essential for Bitcoin’s recovery. He emphasized the importance of spectacle, suggesting that a strong influx from big players would act as a rocket booster for prices. It’s like waiting for the next big blockbuster release—when the institutions roll in, expect some significant pyrotechnics!

Facebook’s Libra: The Game-Changer

Novogratz also weighed in on the implications of Facebook’s much-anticipated Libra stablecoin. With a staggering user base of over 2 billion people, he imagines a scenario where everyday users experiment with digital currencies in ways never seen before. “Attracting customers is the toughest part of any business,” he noted, pointing to Facebook’s monumental reach as a golden opportunity for widespread cryptocurrency adoption.

Telegram’s Up-and-Coming Token

As Facebook gears up for the Libra launch, Novogratz sees Telegram, with its 218 million users, serving as an interesting precursor. He suggested that before Libra takes the stage, Telegram’s blockchain experiment may provide a real-life test case for user engagement with digital currencies. Think of it as a warm-up act before the headlining show steals the spotlight.

Galaxy Digital’s Market Moves

On the business front, Galaxy Digital has exciting news—approval from the Financial Regulatory Authority (FINRA) to conduct initial public offerings (IPOs) for crypto companies. Ian Taylor, who heads Advisory Services at Galaxy Digital, shared, “We now have the ability to finance digital asset and blockchain technology companies throughout their entire life cycle—from founding, through private capital raisings, to their IPO and beyond.” Now that’s some serious groundwork being laid!