A legendary ex-hedge fund manager and billionaire investor – Michael Novogratz, has come out to say that he sees the value of Bitcoin (BTC) increasing by 30% by the end of this year. Novogratz said that once the value of Bitcoin (BTC) breaks over key hurdle points at $6,800, $8,800, and $10k, institutions will start coming into the market through trusted custodian solutions.
It’s Impossible for Bitcoin (BTC) not to reach $10k
Michael Novogratz explained, during an interview with Fast Money of CNBC, that it’s impossible for Bitcoin (BTC) not to break over the $8,800 to $10k range. Over the past three days, the market cap of the entire digital currency market has increased by $25 billion, triggered by the 110% increase in the value of XRP and the strong resilience and traction shown by Ethereum (ETH).
SEE ALSO: Here’s What Happened to XRP (XRP) On 21 September
Bitcoin (BTC) Price Today – BTC / USD
Novogratz earlier said that the next big, long-term price rally – which may cause the entire market cap to increase to $20 trillion – will be triggered by “fear of missing out” (FOMO) amongst institutions such as hedge funds and pension funds. Over the past month, Citigroup and Morgan Stanley made known their intentions to add digital currency custodian solutions to their existing infrastructure in the coming months.
With Coinbase and BitGo already operating as regulated and trusted custodian solution providers, there are enough products institutional investors can rely on to enter the digital currency market. As a result, Novogratz said that once Bitcoin (BTC) shows another strong near-term rally triggered by retail traders and individual investors by the end of 2018, more institutions will enter into the digital currency market.
Although Bitcoin (BTC) has not seen a large upside move over the past two days like Ethereum and XRP, the largest digital currency by market cap has shown stability all through August and September, and this is positive for the mid-term performance of the digital currency.