The chief executive officer‘Mike Novogratz’ of cryptoinvestment company‘Galaxy Digital Capital Management,’ hasonce morecorrected his Bitcoin [BTC] forecast in a recent interview with ‘CNBC’. Well Knownrich investoraforementionedhe doesn’t expect Bitcoin [BTC]to overcomethe $9,000 USD mark barrier since by the end of this year.
Novogratz, a former Wall Street manager, tookhalfinEconomistFinanceDisruptedconference inNew Yorkon 2nd Oct stating:
”I notexpect Bitcoin [BTC] breaks $9,000 USD barrier by this year.”
Novogratzadditionallywhile stating thepresentdecliningprices of Bitcoin [BTC]to the actions ofcorporationswithin theindustry whoare sellingcryptocurrencies just to fund the burn rate of thebusiness. He stressed that thesecorporationsaren’tearning anywhere near the revenues from last year’s crypto boom,which suggeststhatthey’rebarely managingto cover thesalaries and related operationalcosts.
Earlier inNov. 2017,oncecryptocurrencycostsskyrocketed, Novogratzforetoldthat Bitcoin [BTC]mayclimb as high as $45,000 USDwithin the coming next year.
Even earlier in this summer, Novogratz slightlymodifiedhis mind, stating that mass adoption of cryptocurrencies and blockchain technology was still5to 6years away from now. Despite that, he still expressed confidencethat a lot of institutioncould stilljointheindustrywithin the fewsucceedingyears.
He also predicted that the cryptopriceshave hitto their bottom in this mid-September. Later that month he reiteratedthis pointofview,expressingthat crypto marketsareexperiencing seller fatigue. However, he noted that Bitcoin’spricewas still quite stable,probablyattractinginvestorsattention.
At the current time of reporting, the major currency Bitcoin [BTC] has dropped to around more than 55%in this year alone,whereasothercurrencieslikeEthereum and Ripple have lost evenadditional. Bitcoin [BTC] is currently trading at a price of $6,582.89 USD which is 1.07% higher than yesterday.