Bitcoin Could ‘Easily’ Hit $40,000 by the End of 2018, Says Bitcoin Investor Michael Novogratz
Fortress hedge fund manager and famous bitcoin investor Michael Novogratz announced his opinion about bitcoin price. He stated that digital currency could increase in 4 times by the end of this year. “Bitcoin could be at $40,000 at the end of 2018. It easily could,” Michael Novogratz said on CNBC’s show “Fast Money.”
This statement could turn out to be the truth as Bitcoin hit another record high above $10,000 today morning. This new record is really a historic moment for everyone. Since Bitcoin introduction in 2009, this cryptocurrency has grown by over 900% in just last one year and is considered as one of the best investment tools.
“The weekend’s bitcoin price hike is just the continuation of a long-term bull run on the cryptocurrency, fuelled by the tsunami of speculative trading on Japanese exchanges and the entrance of institutional investors across the world,” head of marketing at cryptocurrency exchange GatecoinThomas Glucksmann said.
At press time Bitcoin price is continuing to grow and cryptocurrency is trading at $10,100, according to CoinMarketCap.
“There’s a big wave of money coming, not just here but all around the world,” added Novogratz. Nowadays the Bitcoin biggest trading volume accrues to Japan at about 62 percent. The second place for trading volume belongs to USA at about 21 percent. In addition, 9 percent of total trading volume accrues to South Korea.
As for Ethereum, the second largest cryptocurrency by market capitalization, Michael Novogratz shared the following opinion: “Ethereum, which I think just touched $500 or is getting close, could be triple where it is as well.”
Ethereum hit a record high of $493.40 on Monday. Now this cryptocurrency is trading at $477.31 according to the data from CoinMarketCap.
Despite of continuing Bitcoin demand and its price increase, Michael Novogratz advised retail investors put no more than 1 to 3 percent of their net worth in cryptocurrencies, or wealthier investors to put no more than 5 to 10 percent.