The chief executive officer ‘Mike Novogratz’ of crypto investment company ‘Galaxy Digital Capital Management,’ has once more corrected his Bitcoin [BTC] forecast in a recent interview with ‘CNBC’. Well Known rich investor aforementioned he doesn’t expect Bitcoin [BTC] to overcome the $9,000 USD mark barrier since by the end of this year.
Novogratz, a former Wall Street manager, took half in Economist Finance Disrupted conference in New York on 2nd Oct stating:
”I not expect Bitcoin [BTC] breaks $9,000 USD barrier by this year.”
Novogratz additionally while stating the present declining prices of Bitcoin [BTC] to the actions of corporations within the industry who are selling cryptocurrencies just to fund the burn rate of the business. He stressed that these corporations aren’t earning anywhere near the revenues from last year’s crypto boom, which suggests that they’re barely managing to cover the salaries and related operational costs.
Earlier in Nov. 2017, once cryptocurrency costs skyrocketed, Novogratz foretold that Bitcoin [BTC] may climb as high as $45,000 USD within the coming next year.
Even earlier in this summer, Novogratz slightly modified his mind, stating that mass adoption of cryptocurrencies and blockchain technology was still 5 to 6 years away from now. Despite that, he still expressed confidence that a lot of institution could still join the industry within the few succeeding years.
He also predicted that the crypto prices have hit to their bottom in this mid-September. Later that month he reiterated this point of view, expressing that crypto markets are experiencing seller fatigue. However, he noted that Bitcoin’s price was still quite stable, probably attracting investors attention.
At the current time of reporting, the major currency Bitcoin [BTC] has dropped to around more than 55% in this year alone, whereas other currencies like Ethereum and Ripple have lost even additional. Bitcoin [BTC] is currently trading at a price of $6,582.89 USD which is 1.07% higher than yesterday.