Novogratz: Bitcoin will rally 30% before the end of the year

27 Sep, 2018
by Richard Allen
News
Novogratz: Bitcoin will rally 30% before the end of the year

CEO of Galaxy Investment Partners and one of Wall Street’s biggest Bitcoin advocates Mike Novogratz has remained confident in his belief that the market will see renewed growth which will be attributed to institutional FOMO.

During an interview with CNN’s Markets Now, Novogratz stated that the market is getting ready for another bull run, saying, “You’re seeing now institutions moving in.”

Novogratz says that, in his opinion, there is “institution FOMO going on,” which will result in more institutions getting involved in the crypto sphere. Furthermore, he stated that Bitcoin is beginning to be taken more seriously by big companies like Microsoft and Starbucks who will eventually accept cryptocurrency as payment.

While the coffee giant has made it clear that they aren’t interested in taking your crypto just yet, they are getting more involved in the crypto sphere through Intercontinental Exchange (ICE).

Recap: NY Stock Exchange operator to launch crypto platform with Microsoft and Starbucks

Bitcoin's price will also be affected once the coin has become a part of people's portfolios, Novogratz says, stating, “As you start getting custody and service providers in and around the system, it allows pension funds and endowments to get involved.”

Novogratz concluded the interview by saying that, in his opinion, Bitcoin will see a surge of 30% before the end of the year. He then went on to state that the first quarter of 2019 “you’ll really start seeing it move.”

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Read more about: Bitcoin (BTC)

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