Michael Novogratz, a former hedge fund manager and longtime crypto investor, says bitcoin will rise to $10,000 in the next six to 10 months.

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Michael Novogratz
Michael Novogratz

“I can hear the herd coming… lots of funds are coming. I’m pretty confident in saying it’s going higher…it would not surprise me if in the next six to 10 months we’re over $10,000,” said Novogratz on CNBC’s “Fast Money” on Tuesday.

Novograts was then asked if he believed bitcoin was a bubble based on the dramatic growth of the cryptocurrency since its creation.

“Bubbles are funny because historically ‘manias’ or ‘bubbles’ happen around things that fundamentally change the way we live. If it’s the railroad bubble or the internet bubble, they really did change the way we live.”

“This blockchain revolution, this decentralized revolution, is going to change the way we live. We’ve gone from kind of an experiment and now we’re implementing. And I think, just like in ’97 when you thought about the internet, we could of never understand the ubiquity of the internet in 2017, even at the height of the bubble.”

“10 years, 15 years from now blockchain and decentralized systems will be everywhere. And so yes, it’s a bubble. It’s going to be one of the great ‘manias’ of all time. Bitcoin happens to be the bellwether of this entire decentralized revolution and so it’s the easiest way people can get exposure to it. So, I think bitcoin will probably runs the hardest, but things like Ethereum I think will be the public utility of this new space.”

“We’ve split our bets and we’re betting a lot on the other ICO’s as well.”

Novogratz is creating a $500 million fund to spend in cryptocurrencies, initial coin offerings (ICO’s) and related companies. He has personally put $150 million of his own money into Galaxy Digital Assets Fund and proposes to raise the rest from external sources by January.

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