Mike Novogratz, Pioneering cryptocurrency investor and founder of cryptocurrency investment firm Galaxy Digital Capital Management, has set a $10,000 year-end bitcoin price target, saying institutional “FOMO” (fear of missing out) will drive the market up over the coming months.
The backer of EOS (EOS) and former Wall Street hedge fund manager made this latest upbeat prediction on Friday in a CNBC “Fast Money” interview.
Bitcoin surpasses major resistance levels at $6,800, $8,800, and $10,000, and it established itself as a store of value, and also institutions are moving towards investing in the market. “Bitcoin will outperform for a while because many institutions consider Bitcoin as a safe store of value and will prefer it over speculative altcoins,” he added.
Novogratz pointed to global institutions like Goldman Sachs and ICE (Intercontinental Exchange Inc.) — the owner of the New York Stock Exchange — constructing financial frameworks to facilitate the adoption of crypto as an impetus for the forthcoming rally.
Novogratz has always been very positive towards virtual currencies and Bitcoin. He has also argued with JP Morgan’s CEO Jamie Dimon when he attacked Bitcoin at the end of 2017.
However, he said this bold move will open the floodgates for other institutional investors to start pouring money into cryptocurrency funds and start-ups.