Mubasher: Commenting on the recent surge in cryptocurrencies, particularly bitcoin, which surpassed the $9,000 mark on Sunday for the first time and neared $10,000, former hedge-fund manager Michael Novogratz said that bitcoin could surge by as much as four times its current price by the end of 2018.
Speaking on CNBC’s “Fast Money” Novogratz also said that the price of ethereum could triple by the end of next year.
“There’s a big wave of money coming, not just here but all around the world,” the former hedge-fund manager said, noting that the lack of a supply amidst rising demand makes cryptocurrencies “a speculator’s dream.”
The value of bitcoin exceeded $9,700 on Monday, registering an overall surge in value by as much as 900%.
Meanwhile, ether, a token based on the Ethereum blockchain, passed $480 on Monday, another record high after the token’s price skyrocketed by over 5,000% since the start of the year.
In October, Novogratz, who is setting up his own $500 million cryptocurrency fund, predicted bitcoin passing $10,000 by the end of 2017.
“I can hear the herd coming,” Novogratz told CNBC last month, when bitcoin was priced at a little under $4,900.
“As buying happens there’s no new supply response that comes up. So every price move gets exaggerated. It’s going to get exaggerated on the way up. There will be 50% corrections. It will get exaggerated on the way down,” Novogratz said.
