FOR MIKE NOVOGRATZ, BITCOIN TO END THE YEAR AT $ 10,000

In an interview with CNBC on Tuesday, Mike Novogratz, a billionaire investor who previously worked for the prestigious Fortress Investment Group, predicted that the price of Bitcoin should reach $ 10,000 by the end of the year. year.

The success of Bitcoin would feed on the crisis of confidence in the financial system

Mike Novogratz Fund manager Mike Novogratz, who is currently setting up an investment fund specializing in cryptocurrencies, believes that the rise in the price of Bitcoin should continue in the coming weeks.

After an increase of more than 700% since the beginning of the year, the first cryptocurrency should, according to Mr. Novogratz, finish the year at $ 10 00. Ether could reach $ 500, while it is currently trading for around $ 370.

"Gold is valuable only because people say it has value; Bitcoin is built on exceptional technology, its offer is limited, people trust it, "he explained to Bloomberg Television.
"This revolution is rooted in the deterioration of confidence in the system, born during the 2008 crisis."

Bitcoin reached a new historical record today, at over $ 8,300. It had lost nearly 5.4% in the night, following the robbery of nearly $ 31 million suffered by the company Tether. It has developed a cryptocurrency whose value is indexed to that of the dollar (each Tether is, in theory, guaranteed by a dollar) and which is commonly used to speculate on the evolution of BTC / USD pairs.

This year, Bitcoin has seen a notable decline of more than 25% - but it has quickly recovered each time, to break new historical records in the wake.

But this volatility is not likely to worry Mr. Novogratz, who remains very confident: "We are in the second or third round of this revolution," he said. "As prices have gone up a lot, people are nervous. You've made a lot of money, there's news coming in, so you want to take your profits and get out of the market. "
With $ 500 million in funding, Novogratz's Galaxy Digital Asset Fund will be the largest in its class - demonstrating a certain democratization of cryptocurrencies as "legitimate" investment vehicles.

This fund represents the return of the billionaire to professional portfolio management, he who had left the Fortress Investment Group and had left Wall Street for two years.

Diverging points of view

Jamie Dimon Bitcoin's ex-counterparts do not seem to share his enthusiasm about the digital currencies.

Jamie Dimon, CEO of JPMorgan Chase, recently said that anyone who bought Bitcoin was "stupid" and was going to "pay the price," while Neil Dwane of Allianz Global Investor said it was "a lot of money." scam, aimed at criminals all over the world. "BlackRock's Larry Fink, who said that Bitcoin was a measure of the level of demand for money laundering around the world, can also be cited.

Mr Novogratz, 52, explained what he thought could be the cause of the disagreements: "All of these people are over 60, which is not my case. It seems difficult for someone who has not grown up in the digital world to understand that this is where we are heading. "

The investor is far from being the only one interested in the cryptocurrency sector. There are now more than 100 investment funds specializing in digital currencies, of which 84 were created this year, according to the results of a study conducted by Autonomous Next.

Other recognized investors expect a rise

Even the most bullish observers are struggling to keep up, and have been forced to revise their forecasts upward.

Ronnie Moas BitcoinThis is the case of Ronnie Moas, the financial analyst who heads Standpoint Research. He predicted last August a price of 7500 dollars by the end of the year. Two weeks ago, he was talking about a $ 11,000 price for 2018, and revised his forecast upward yesterday, now predicting $ 14,000 per Bitcoin in the course of next year.

We can also mention Douglas Kass, of Seabreeze Partenars, who also reviewed his forecast yesterday - he seems much more optimistic, since he now expects a price of 27 000 dollars in 2018.