Attention those who are trending toward the bearish. According to billionaire investor Mike Novogratz, Bitcoin will double in the next six months and retest the old highs of $20k by the end of the year.
Mike Novogratz Says ‘This Is the Year for Bitcoin’
Speaking to CNBC’s Closing Bell last night, as the DOW closed up 534 points, Novogratz was encouragingly bullish on Bitcoin. He pointed out that, for the first time, high-net-worth individuals and hedge fund investors are getting into Bitcoin. He said:
This is the year for Bitcoin – if it doesn’t go up now, I’m not sure when it will
— CNBC's Closing Bell (@CNBCClosingBell) April 2, 2020
Novogratz also points to the fact that Bitcoin is a hard asset and that we are starting to see real flows into it. He briefly brought up the trillions of dollars in quantitative easing that’s going on and how untenable that situation is.
Money doesn’t grow on trees. Right now, it feels like we crossed the Rubicon where everyone feels money grows on trees… I don’t think the FED’s doing the wrong thing it’s just that we’re going to debase the value of fiat.
When asked for hard numbers, he said that Bitcoin should at least double within six months. If it doesn’t, he may just “hang up (his) spurs.”
Sudden About Turn on Previous Predictions?
As a major investor in the space, the Galaxy Digital CEO is historically bullish on Bitcoin. He was among the first to confirm a new bull market just under one year ago and predicted that BTC would reach a new all-time high in 2019.
However, after the brutal sell-off two weeks ago, Novogratz told Anthony Pomliano in an interview that crypto adoption would likely suffer a setback of 12-18 months due to investors needing fiat.
But, that was so two weeks ago and before the U.S. Congress approved a $2TN coronavirus stimulus deal. That may have bolstered the stock market, but as Novogratz pointed out, it will eventually debase fiat.
As more and more people wonder where all the “helicopter money” is coming from, now’s the time for Bitcoin to shine.
Do you agree with Mike Novogratz’s bullish outlook on Bitcoin in 2020? Add your thoughts below!
Images via Shutterstock, CNBCClosingBell