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Amidst the excitements of BTC hitting an all-time high, Bitcoin bull and ex-hedge fund manager Mike Novogratz said, in an interview with Yahoo Finance, that Bitcoin was designed for every investor.Â
âBitcoin is for everyone,â he said, adding that âEveryone should put 2% to 3% of their net worth in bitcoin and look at it in five years, and itâs going to be a whole lot more.â
Novogratz is also a former partner at Goldman Sachs and a former manager of Fortress Investment Group. In 2012, Novogratzâs net worth was about $500 million. In 2017, he revealed that 20% of his net worth is held in Bitcoin and Ethereum, from which he generated over $250 million in profit.Â
Novogratzâs $20k Prediction Coming True?Â
The Galaxy Digital boss is fond of predicting bitcoin price. Even after the March crash, when bitcoin traded at a yearly low of around $3,500, he was still bullish on the cryptocurrency.Â
He predicted in April that bitcoin will hit $20,000 before the end of 2020 and that he might ditch the cryptocurrency if his prediction does not come true.Â
With the cryptocurrency trading less than 7% away from the 2017 all-time-high price of $20,000, it might not be long before it hits a new ATH.Â
Bitcoin Will Not Trade Below $12,000
As Bitcoin approaches a record-breaking price, some speculators believe the cryptocurrency might see a correction soon. However, Novogratz believes that the asset will not trade below $12,000 in this bullish trend.Â
âRight now, weâre getting close to 20,000, like the old highs. Rarely does a market trade to the old highs and go right through it, right? Itâs just markets usually touch the old highs, exhaust themselves, correct a little bit, and then take out the high. And so thereâs big support around 14 and a half, 15,000. And so listenâ 19,000 to 15,000 would feel pretty painful if you just bought it here at 19. I donât think weâre going to get down below 12,000 again in this episode,â he said.Â
Institutional Investors Pushing Bitcoin Price
The Bitcoin bull also mentioned that the current rally is driven by high net-worth individuals, hedge funds, and real institutions. He thinks participation by these larger players, alongside increased regulation, should smooth out some of the volatility.
Not only them but âGame of Thronesâ actress Maisie Williams also jumped in when she did a Twitter poll last week asking whether she should long Bitcoin, to which Mike Novogratz replied, âDuh!â.
Bitcoinâs current rally is a lot quieter than its last one. Google searches for âBitcoinâ peaked in late 2017. Theyâre now running at about one-fifth of that level. But Novogratz said the evidence supporting bitcoin prices is better than itâs ever been.Â
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.