Michael Novogratz, a former hedge fund manager and longtime cryptocurrency investor, said that bitcoin could be at $40,000 by the end of 2018.
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“Bitcoin could be at $40,000 at the end of 2018. It easily could,” said Michael Novogratz.
“Ethereum, which I think just touched $500 or is getting close, could be triple where it is as well.”
Bitcoin hit an all-time high on Monday, $9814.80 at press time.
Ethereum also hit a new all-time high on Monday of $493.40 ($482.34 (2.40%) at press time).
The total market capitalization of all cryptocurrencies on CoinMarketCap reached $304 billion Monday.
Novogratz believed that figure may escalate to approximately $2 trillion at the end of next year.
“There’s a big wave of money coming, not just here but all around the world,” said Novogratz.
Novograts claims to have purchase $15 million to $20 million worth of bitcoins during the correction after saying that his biggest regret of 2017 was not buying more cryptocurrencies last time the price fell.
Furthermore, Novogratz stated that he invested in Initial Coin Offerings (ICO’s) entering one created by the WAX digital asset exchange.