Cryptocurrency prices have been battered this year, and that’s been the sole topic of interest, both for the enthusiasts and the skeptics. However, as the prices dropped, one business has boomed: crypto lending. While all the other startups in the crypto space were counting on prices hitting their former highs, this industry has been making money both with the drops and the rises.
They came in plenty, some a little conservative and others outright ambitious. There were those who predicted that Bitcoin would hit $20,000 even before the year ended. Others went long term, predicting as high as $1 million in 2020. While the long-term predictions could still come to pass, those who made predictions for the year missed the mark greatly. With three days to go before we bid 2018 goodbye, it’s looking increasingly likely that Bitcoin will end the year below $5,000.
However, this is the unpredictable world of cryptos and anything is possible.
As interest continues to surge for bitcoin, could it soon become the new gold? According to Goldman Sachs, the answer is no.
Kenetic Capital managing partner has said that he expects bitcoin to reach $50,000 by the end of 2018 as the cryptocurrency market becomes globally accepted.
Legendary billionaire hedge fund investor Mike Novogratz stated that there may be a bubble in bitcoin in certain regions but the cryptocurrency itself isn’t a bubble.
As CCN previously reported, Novogratz noted that bitcoin and the cryptocurrency market could become the biggest bubble “of our lifetimes.
Billionaire investor and hedge fund manager Mike Novogratz has made the claim that ‘bitcoin will be the biggest bubble of our lifetimes.’
Speaking at a conference in New York on Tuesday, Novogratz explained that there is a lot of fraud in something that’s ‘exciting’ as the crypto market, reports CNBC, adding:
I think this [crypto] is going to be the biggest bubble of our lifetimes by a long shot.
Billionaire trader and longtime cryptocurrency bull Mike Novogratz has predicted that the total crypto market cap will reach $2 trillion by the end of 2018.
Mike Novogratz: Crypto Market Cap to Hit $2 Trillion in 2018
The Galaxy Investment Partners founder made this prediction on the Monday episode of CNBC’s Fast Money, explaining that while he would not be surprised to see a short-term pullback after this quarter’s incredible rally, he believes the market’s long-term fundamentals are sound and deserve a bullish posture.
The global average bitcoin price crossed the $10,000 threshold on Tuesday after Korean traders bid the flagship cryptocurrency up to double-digit premiums.
Bitcoin Price Broaches $10,000
Well, that was certainly quick.
Less than two days after reaching the $9,000 mark, the global average bitcoin price has pierced the five-figure barrier, rising to a new all-time high of $10,069, according to CoinMarketCap.
Bitcoin could become a safe haven for investment professionals if the traditional monetary system collapses, says an analyst at prominent social trading platform eToro.
Speaking to Russia Today, Mikhail Mashchenko, said:
The demand for bitcoin is growing as the crypto market has become less volatile, and an increasing number of professional investors see it as insurance.
As bitcoin continues to gain in value, wealth managers are finding themselves being questioned about the asset and whether they should invest in it.
One such company that is experiencing this is Cumberland Advisors, based in Sarasota, Florida. In an interview with Bloomberg, David Kotok, co-founder, chairman and CEO of Cumberland Advisors, said that clients are frequently asking them about the digital currency.
Billionaire trader and legendary hedge fund manager Mike Novogratz says that the bitcoin price will reach $10,000 before the end of the year.
Novogratz: Bitcoin Price to Reach $10,000 This Year
Novogratz, a former Fortress manager, made this bullish prediction in an interview with Bloomberg on Tuesday. He explained that bitcoin has value for the same reasons that gold does: scarcity, distrust of the central banking system, and consensus.
The former hedge fund manager of Fortress Investment Group believes that institutional investors will adopt bitcoin in the next six months.
Mike Novogratz, a retired Wall Street macro fund manager, firmly believes that financial companies will start offering bitcoin as an investment option. So much so, that he thinks it will be as simple as ordering over the phone, reports CNBC.
A bitcoin investor and podcast host has predicted that the price of bitcoin will increase to over $27,000 in four months time.
Trace Mayer, who proclaims to be an entrepreneur, investor, journalist, monetary scientist and ardent defender on his website, took to social media to make his prediction. According to him, by February 2018, bitcoin’s value will be worth $27,395.
Host of The Bitcoin Knowledge Podcast, Mayer is basing his prediction on a 200 day moving average.
UBS Chief Executive officer Sergio Ermotti says that wealthy investors are curious about bitcoin and other crypto assets but are not ready to make significant investments in cryptocurrency.
Ermotti told Bloomberg that the exceptional year-to-date performance of bitcoin, ethereum, and other crypto assets has piqued the interest of wealthy UBS clients, but he has not noticed any “meaningful desire” among clients to actually invest in the burgeoning crypto economy.