The founder and chief executive of Galaxy Digital Michael Novogratz said in an interview recently that he fully expects the price of bitcoin to reach $20,000 by the end of the year. This would place the world’s number one cryptocurrency by market cap at its all-time high again, which it previously attained three years ago in 2017.
Mike Novogratz: BTC Will Be at $20K Again Soon
The bitcoin price has been surging as of late. At the time of writing, bitcoin is trading for over $11,200, and Novogratz fully expects the present bull run to retain this momentum. He believes that the United States is in for a massive “liquidity pump.” He’s also quite confident that retail investors are going to spring into the bitcoin space like mad. He states:
The liquidity story isn’t going to go away. We’re going to get a big stimulus. It doesn’t look like the Federal Reserve is going to raise rates.
Novogratz’s argument that retail players will make such a massive difference is quite intriguing in that many times, analysts are confident the presence of institutional or professional traders will potentially make the biggest difference in how or where bitcoin goes. However, while institutional traders will often purchase more crypto or delve into bitcoin-based options or futures contracts, retail players are more common and will often simply purchase or invest in the currency via exchanges, thereby increasing the overall stamina of the assets they own.
Novogratz says that the process has already started, commenting:
Yesterday, you saw a lot of money shift back over to gold and bitcoin.
He further states that he expects to see the bitcoin price at $14,000 within the next three months. This would place bitcoin at that price by the time October rang in. Furthermore, it would mean that only two months would remain for bitcoin to reach its all-time high again before the year was out. Still, he’s confident that bitcoin has the strength to reach this rung on the financial ladder.
He also stated that while bitcoin’s reputation is growing amongst Wall Street players, many still tend to lean towards gold. He explained:
Gold has been around for 3,000 years. It’s relatively easy to buy. There’s an adoption game in bitcoin that you don’t have in gold.
A Little Support from Exchanges
At the time of writing, several cryptocurrency exchanges appear to be releasing reports that back up what Novogratz is saying. One comes by way of Catherine Coley, the CEO of Binance US. In a recent document, Coley explains:
As bitcoin and other digital currencies are easier to access than ever before, we’re seeing a surge in bitcoin interest as the market anticipates that second stimulus bill.
Hitting the five-figure range has been something of a struggle for bitcoin this year, though at press time, the currency appears to be holding its ground rather well.