In BriefSpeaking at CNBC on Wednesday, investor turned cryptocurrency mogul Mike Novogratz explained why's he's betting it all on Bitcoin. He expects the value of this cryptocurrency to grow in the coming months, heralding the "blockchain revolution."
As Bitcoin prices remain stable, experts predict a continued increase in value. In a recent interview featured in CNBC‘s “Fast Money” segment, former Fortress Investment Group hedge fund manager turned cryptocurrency investor Mike Novogratz said the rise in value isn’t likely to stop any time soon.
“I’m pretty confident to say it’s going higher,” he said on Wednesday, adding that “It would not surprise [me] if in the next six to 10 months we’re over $10,000.” Just last week, other experts predicted bitcoin prices would reach $6,000 by the end of the year, though still warning against volatility.
Indeed, many have pointed out that cryptocurrencies tend to be unstable. For Novogratz, however, this volatility is normal. “Yes, it’s a bubble, it’s going to be one of the great manias of all time,” he explained. “Bitcoin happens to be the bellwether of this entire decentralized revolution, so it’s the easiest way people get gain exposure to it. […] Things like Ethereum I think will be the public utility of this new space.” This blockchain revolution, he added, would “change the way we live.”
Despite fears of a dip in prices due to Russia’s cryptocurrency ban, recent numbers show that bitcoin prices have stayed at the upper $4,000 mark after closing at another all-time high on Monday. The Russian ban comes after China and South Korea made similar moves against cryptocurrencies and initial coin offerings (ICOs).
Disclosure: Several members of the Futurism team, including the editors of this piece, are personal investors in a number of cryptocurrency markets. Their personal investment perspectives have no impact on editorial content.