Michael Novogratz, the former manager of the Fortress Investment Group, was reported by CNBC, saying that Bitcoin’s price would go up to $10,000 in the next six to ten months.
Even though the former hedge fund manager believes cryptocurrencies may be in a bubble, he revealed that he has been investing in Bitcoin and blockchain technology for some time now.
He cited increasing investor interest as the reason behind his bold claim, but given how Bitcoin almost broke its all-time high record today, touching $4,900, Mike’s prediction for a $10,000 price point may not be too far off.
"I can hear the herd coming," he said on CNBC’s Fast Money.
Michael Novogratz is also reportedly starting a cryptocurrency hedge fund, Galaxy Digital Assets Fund, worth $500 million, with $150 million of his own and the rest to be raised by next year.
Interestingly, the hedge fund manager had called Bitcoin the “largest bubble of our lifetimes” in an interview with Bloomberg, but also stated that there was a lot of money to be made.
“This is going to be the largest bubble of our lifetimes. Prices are going to get way ahead of where they should be. You can make a whole lot of money on the way up, and we plan on it.”
Last month saw Bitcoin dipping down to under $3,000 after touching an all-time high of $4,952 the same month, thanks to a massive crackdown by China and comments from JPMorgan CEO, Jamie Dimon, who called Bitcoin a bubble, worth nothing.
Despite all that, Bitcoin found support in several industry figures, and even the Managing Director of IMF conceded that cryptocurrencies are not to be ignored.
However, one of the boldest price claims for Bitcoin has come from John McAfee, a vocal supporter of cryptocurrencies and blockchain technology, who made a bet earlier this year on Twitter, claiming that Bitcoin would reach $500,000 in three years. If not, he would eat his d*** on national television.