At this point, surely you’ve heard of Bitcoin and its magical money making powers. But, its rise to stardom and baller like value may continue on… in a very strong way.
Former Fortress hedge fund manager Michael Novogratz said Monday that bitcoin can multiply more than four times in roughly the next 13 months.
“Bitcoin could be at $40,000 at the end of 2018. It easily could,” Novogratz said on the CNBC show Fast Money, Monday. “Ethereum, which I think just touched $500 or is getting close, could be triple where it is as well,” he added.
At the writing of this story, Bitcoin (BTC) is at a staggering $11,915.00 USD. In the last 12 months alone, Bitcoin has gone from approx. $750 to nearly $12,000!
“There’s a big wave of money coming, not just here but all around the world,” said Novogratz, formerly a macro hedge fund manager at Fortress Investment Group. He is planning to launch a $500 million digital assets fund through his new firm, Galaxy Investment Partners.
“What’s different about these coins than other commodities … there is no supply response here,” Novogratz said. “So it’s a speculator’s dream in that as buying happens there’s no new supply response that comes up. So every price move gets exaggerated. It’s going to get exaggerated on the way up. There will be 50 percent corrections. It will get exaggerated on the way down.”