Mike Novogratz Doubles Down on His $20,000 Bitcoin Price Prediction

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Tue, 06/23/2020 - 06:03
Alex Dovbnya
Galaxy Digital CEO Mike Novogratz says that Bitcoin will ‘surprise’ him if it doesn’t take on $10,000 soon
Cover image via U.Today
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During his recent interview with CNBC’s Kelly Evans, Galaxy Digital CEO Mike Novogratz, has once again predicted that the price of Bitcoin is going to hit $20,000 after taking out the hard-to-crack $10,000 level.     

It will surprise me if we don’t take on $10,000 soon. After that, you are gonna see $14,000 and $20,000.   

The hedge fund veteran claims that he doesn’t expect it to be used as a payment currency, and the bull case for Bitcoin is the same as for gold.

We’ve got this unholy alliance between huge fiscal stimulus and the Fed financial the whole thing. 

Related
Mike Novogratz Gives Shoutout to Ethereum Founder Vitalik Buterin, Claims He's Playing Long Game

The digital race is heating up 

Novogratz recalled China’s effort to launch a regional cryptocurrency that would be backed by a basket of South Asian fiat currencies together with Japan, South Korea, and Hong Kong.    

Hence, he encourages the U.S. not to fall behind this progress and work on the tokenized version of the U.S. Dollar.  

While explaining the difference between Venmo and the digital dollar, he states that the latter would represent a decentralized system. 

As reported by U.Today, both Venmo and PayPal are expected to let their 365 million users buy and sell cryptocurrency in Q3.
 
Meanwhile, as noted by Novogratz, Facebook is also racing to launch Libra by the end of the year. 

‘Crypto Mom’ could be at the helm of the SEC

Speaking of the departure of SEC Chairman Jay Clayton, who was recently nominated by President Donald Trump to be the next U.S. Attorney for the Southern District of New York, Novogratz says that the cryptocurrency industry needs someone who's ‘a little more engaged’ and ‘forward-looking.’

Novogratz suggests that ‘Crypto Mom’ Hester Peirce could be a ‘great pick’ for Clayton’s job. She’s currently expected to remain an SEC commissioner until 2025.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.


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