Bitcoin to end the year at $10,000?
Mike Novogratz restated that he believes Bitcoin will end 2017 over $10,000 per coin.
That is right, "restated".
He first called for $10,000 bitcoin over a month ago when he said that he thought with all the positive developments in the space, we would probably see $10,000 bitcoin within the next 6 to 8 months.
That prediction was made when bitcoin was trading around $5,000... which is much more impressive than stating it when it is trading around it's current $8,300 number.
The change in his prediction to "end of this year" is a testament to just how bullish bitcoin has been of late.
His time frame changed from 6-8 months all the way down to 2 months.
If the name Mike Novogratz sounds familiar, it's probably because you heard about him starting a rather large cryptocurrency hedge fund in the near future.
The fund is called the Galaxy Digital Asset Fund and is set to launch in early 2018.
I actually wrote about the fund a while back here:
https://steemit.com/cryptocurrency/@jrcornel/usd500-million-dollar-crypto-hedge-fund-on-its-way
The fund is expected to be backed in large part by Mike Novogratz himself and will hold roughly $500 million in assets.
An amount which would make it the largest cryptocurrency focused hedge fund in the world.
The fund states it wants to invest mostly in start ups and ICOs, however, it will also take large stakes in existing technologies and currencies as well.
The interesting thing is that if this fund employs typical hedge fund leverage (something like 5X), we could be looking at his fund alone representing $2.5 billion worth of investments coming in during the first quarter of 2018.
Combine that with these new futures and options products being launched by the CME and the CBOE and we could possibly see something where demand greatly outstrips supply for these things and we could have a major moon shot.
The perfect storm?
One of my favorite analysts on the street (Tom Lee) is calling for $25,000 bitcoin by 2022, but he said he thinks with the right setup we will likely see a major overshoot of that number before prices eventually settle back in around that number.
What kind of setup and overshoot is he talking about?
Well, Mr. Lee said that with the perfect storm of major institutional money coming in all at once, we could see something like $60,000 or $70,000 bitcoin on an overshoot fomo rally.
Think about what that might mean for the price of steem?
The interesting thing about that statement is that what he describes as the perfect storm could be exactly what is setting up right now at the end of 2017 and beginning of 2018. We have all those new bitcoin and crypto products coming online at once and large institutional funds are entering the space at the same time.
That sounds like a recipe for a moon shot in the making indeed.
Hold on to your hats ladies and gentleman, I think we are about to go on quite the wild ride!
Stay informed my friends.
Sources:
https://www.coindesk.com/mike-novogratz-doubles-down-on-10000-bitcoin-prediction/
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Follow me: @jrcornel
Thank you for informative information.
but what will happen after BTC hits 10k? I think there are plenty of traders that had this target figure. Disciplined traders would lock-in a 3x multiple in 6 months if they sell at 10k. I’m really curious, particularly because so many bought for speculation. According to this article American investors will hold for a long time: https://www.google.nl/amp/s/api.cointelegraph.com/amp/v1/news/american-investors-plan-to-hodl-bitcoin-until-price-hits-196000
my worries around $10,000 BTC, and frankly any increase in value is this: why is it justified? What is BTC's unique use-case?
Everything it aims to do there are coins that are better at offering that. Peer-to-peer digital cash? Dash. Transaction speeds, low fees? Litecoin, or Dash.
Store of value? Ok sure, BTC is a proven secure store of value but litecoin is not much less proven, LTC has existed nearly as long.
I do think BTC has the first mover advantage but if they continue to fail in bringing forth innovation, while its competitors are constantly innovating, seems to me that one or another coin will take the throne of Bitcoin, someday.
Thoughts?
Totally right
10k is just a small step!
I'm not trying to be pessimistic but what is good about a hedge fund using 5x leverage to invest in crypto space. He says bubbles are good because it shows there's something new & revolutionary, but he probably speak for himself.
Why is bitcoin created, to speculate or to facilitate tradings and economic growth?
Goodluck to Bitcoin at 10k, we are watching with STEEM
Have been hearing this figures bounded around for a while and a really daft one for 2-3 years time...but having bought at 862 this year, and now its at over 7,000, I can only assume it will continue to rise. With all that the banks are facing what with being built on nothing and all, I think that this currency could even change the power base in the world. Reposted to my blog as I am a total novice trying to learn all I can. Thank you for posting!
At this point, it's very likely to pass the 10k$ mark. Honestly I think we will have a small regression like the past times it went bullish, then another peak will come.
We are excited for bitcoin price 10k.
yah..
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