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Novogratz: Impossible for Bitcoin Not to Rebound to $8,800 to $10,000

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Billionaires have been jumping on the Bitcoin (BTC) bandwagon for quite some time.

Months ago, Michael Novogratz said the industry could be worth $5 trillion by 2021.

“Ten percent of my net worth is in this space. It’s the ‘best investment of my life,’” he said at one time.  “The Nasdaq got to $5.4 trillion in 1999, why couldn’t it be as big? There’s so much human capital and real money being poured into the space and we’re at a takeoff point.”

The Billionaire is no Stranger to Big Calls

By the close of 2018, he expects Bitcoin to have jumped 30%.

And once the price passes major resistance points, institutions will buy via custody solutions.

“It’s also a bull market in institutions building the infrastructure needed for real money investors to start investing in this space… I think that in three to six months from now, there will be an ‘all clear’ sign for people — big institutions and pension [funds] — to start investing,” he said, as quoted by CCN.com.

Better yet, during a recent CNBC interview, he said it’s impossible for BTC not to rebound to a range of $8,800 to $10,000.

Other Reasons to be Bullish

Banks such as Goldman Sachs and Citigroup are working to offer cryptocurrency products.  The NASDAQ is about to hand institutional investors analytical tools for trading hundreds of crypto assets.  And the Intercontinental Exchange (ICE) intends to form a new platform, called Bakkt. Its intention is to create an “open and regulated, global ecosystem for digital assets.”

Allianz Chief Economic Advisor, Mohamed El-Erian is bullish on cryptocurrency, as well.

“Crypto isn’t dead, and, certainly, the underlying technology is not dead. We’re going to see more widespread adoption, by both the private and public sector, of the blockchain technology and related technologies,” he says, as quoted by Oracle Times.

 

 

 

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