In line with a recent interview with ‘CNBC‘, renowned cryptocurrency enthusiast named ‘Mike Novogratz’ has predicted that the price of Bitcoin [BTC] is expected to stabilize between $10,000 USD to $14,000 USD.
Within CNBC’s Squawk Box show, Novogratz forecasted that the leading cryptocurrency is expected to consolidate somewhat in-between $10,000 USD to $14,000 USD. Referring to Facebook’s upcoming cryptocurrency project ‘Libra’, Novogratz added:
“One of the leading companies within the world said that we believe. In ‘cryptocurrencies‘. […] If you’re an institutional capitalist who’s getting close and till worried regarding investing, it makes you much more assured.”
Novogratz’s comments follow Bitcoin’s price ‘fell‘ by around $1,400 USD juts yesterday, on 26th June. Bitcoin lost the figure in just few minutes after the crash of U.S. based Coinbase exchange.
The crash came on the heels of yesterday’s rally within which Bitcoin successfully surpassed both the $12,000 USD and $13,000 USD price benchmarks within few hours.
Novogratz conjointly commented on Facebook’s upcoming stablecoin ‘Libra‘ project, adding that “The Libra association can have 100 votes, thus it’ll be distributed. Perhaps not actually decentralized. Explaining further, he added:
“What is tricky is the Facebook’s dgital wallet which is where they’ll make their money. It’ll be probably be a major part of commerce that’s done on that blockchain.”
Earlier on 31st May, Novogratz ‘expressed‘ that “on a go-forward basis, Bitcoin in all probability consolidates somewhere between $7,000 USD and $10,000 USD,” and added that:
“If I’m wrong on it, i believe I’m wrong to the upper-side, that there’s enough excitement and momentum that it might carry through.”
This week, several commentators argued that Bitcoin’s recent price surge was due to the Facebook’s announcement of Libra; but Bitcoin was already trading higher than $9,000 USD when Facebook officially revealed its Libra project. A senior analyst at the financial trading firm Oanda named ‘Craig Erlam,’ added:
“Bitcoin has slowly – by its own standards – been rising from recent months however the launch of Facebook’s Libra has clearly been a catalyst for the recent surge.”
On the other hand, Facebook’s restricted role, but lacked faith in Bitcoin itself, Bloomberg calling the ongoing enthusiasm “the comeback of a speculative dream.”