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Novogratz Sets Next Target Price for Bitcoin at $40,000

Julio Gil-Pulgar · @gil_pulgar | Nov 28, 2017 | 16:00

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As the world celebrates Bitcoin’s surge above $10,000 USD, hedge fund wizard Michael Novogratz predicts that Bitcoin will “easily” reach $40,000 USD in the next few months. Novogratz is equally bullish on Ethereum.

Bitcoin Will Surpass $40,000 in 2018

Bitcoin enthusiasts and financial experts take former Fortress Investment Group chief Michael Novogratz’s predictions seriously. He has been proven correct time and time again.

On November 21, 2017, Novogratz predicted that Bitcoin’s value would be higher than an ounce of gold and that a Bitcoin would reach $10,000 per coin, by the end of December 2017. As of this writing, Bitcoin is indeed higher than an ounce of gold by seven times and is poised to pass the $10,000 USD mark.

Novogratz has now issued a new prediction. On November 27, 2018, he told CNBC that Bitcoin “can multiply more than four times in roughly the next 13 months.”

During the CNBC interview, Novogratz also said:

Bitcoin could be at $40,000 at the end of 2018. It easily could.

Novogratz offers his new forecasting when Bitcoin’s market cap has reached approximately $168 billion USD, surpassing the worth of industry and business giants, such as IBM, McDonald’s, and Disney.

Moreover, Bitcoin’s ascending trajectory is increasingly gaining momentum as investors “fear of missing out,” writes the WSJ:

Bitcoin's price surges past $9,000, its fastest thousand-point milestone ever, as ‘fear of missing out’ drives investors https://t.co/avmjmO6Wqv via @srussolillo

— WSJ Markets (@WSJmarkets) November 28, 2017

Ethereum Will Triple its Value in 2018

Mike Novogratz is also bullish on Ethereum. In November, he had already predicted that Ethereum would hit $500 USD by the end of 2017.

Like Bitcoin, Ethereum’s price has had a stunning run this year. In fact, Ethereum’s value has increased over 5,000 percent since the beginning of this year.

Novogratz latest predictions suggest that Ethereum’s impressive trend will continue in 2018. He told CNBC:

Ethereum, which I think just touched $500 or is getting close, could be triple where it is as well.

Other cryptocurrencies have been surging for the last twelve months, astonishing financial experts. Cryptocurrencies total market capitalization is over $307 billion USD, as of November 11, 2017.

Given the data shown in the table above, Novogratz’s predictions might well be within the realm of the possible.

Do you agree with Novogratz’s predictions for Bitcoin and Ethereum? Can Bitcoin reach $40,000 by the end of 2018? Let us know in the comments below!

Images courtesy of Pixabay, Reuters