While Bitcoin has been swinging up and down in small variations of late, people like Mike Novogratz are still fully bullish on the top cryptocurrency. Mike is the CEO of Galaxy Digital, a crypto fund that’s based in Canada. Even during the tough crypto winter, Mike remained positive about an eminent Bitcoin bull-run.
In that sense, his optimism seems to have paid off when Bitcoin finally dragged the entire crypto market out of the winter back in April 2019, ushering in the period of crypto price surges and huge expectations.
Indeed, 2019 has had many expecting a lot of price action in regard to cryptocurrencies. In a recent interview with the Squawk Box, Mike Novogratz said that Bitcoin may never drop below $5k again.
“I’d Get Nervous”
In his opinion, Mike suggested that Bitcoin may spend some time stuck between $10k and $14k. Going further, the billionaire confessed that he would start getting uncomfortable if BTC dropped below $8,500 and get really nervous if it went below $6,000. However, he maintained his stance that the coin may never have to trade under $5k again.
Mike Novogratz is a former partner of Goldman Sachs and a former manager at Fortress Investment Group. Of late, the man has become a Wall Street biggie. Back in September 2017, Mike predicted that Bitcoin would hit the highs of $10k. It happened. By December 2017, Bitcoin hit its ATH of $20,000.
However, not all of Mike’s predictions have come true. Galaxy Digital lost about $272 million in 2018, with its stock price closing the year at a 65% decrease from its ATH of CAD $2.98. Still, Galaxy Digital recorded $13 million in net profits in the first quarter of 2019 as the stock price stabilized at CAD $2.
According to Mike, institutional interest and investment will soon drive Bitcoin to new highs. He estimated that if developments like Facebook’s Libra create enough momentum, Bitcoin could go as high as $1 million.