Billionaire and Galaxy Digital founder Michael Novogratz stated he believes bitcoin (BTC) will surpass its all-time-high within 18 months.
// STAY UP TO DATE – FOLLOW BLOCKCHAIN DAILY ON TWITTER: @BLCKCHAINDAILY
The statements were made during an interview with CNN on May 9.
Novogratz went on to state he believes $6,000 will likely be a stall point, and the next will be $10,000.
He stated other top cryptocurrencies “aren’t going to go up nearly as quickly.”
“The other coins, ethereum being the next biggest, Ripple…they have to prove use case, right?”
Novogratz compares BTC to gold, where altcoins are equivalent to other elements, such as copper, which we value for their many uses.
The interviewer then switched up the conversation, asking about the recent hack of Malta-based exchange Binance, specifically whether the public should be concerned about breaches.
“They should be somewhat concerned,” Novogratz stated.
“Even the most aggressive exchanges only keep a certain amount of their coins on what’s called a hot wallet,” and because of this, all funds were safe.
“We think all the exchanges should go to a process where they almost self regulate, right? They do what the regulators want beforehand.”
The interviewer then asked why markets didn’t react negatively to the hack.
“In bull markets, markets can digest bad news,” stated Novogratz.
“We’re in a bull market. The debate is over, bitcoin won. It is now seen by people all around the world as a legitimate place to store their value.”