Bitcoin rate higher than $ 20,000 by the end of 2019

Race optimist Mike Novogratz believes that the bitcoin course can still grow “significantly” in the coming years. He says that in an interview with Bloomberg on Wednesday 3 July. Novogratz is the founder of Galaxy Digital, an investment bank focused on cryptocurrency and blockchain.

Renewed interest in bitcoin and cryptocurrency

The parabolic growth to $ 14,000 was completely justified, according to Novogratz. “The price of bitcoin has risen so fast due to the interest of large companies in cryptocurrency.”

For example, he calls the Facebook cryptocurrency Libra. According to Facebook, leading organizations will run a node on the blockchain of Libra. Consider, for example, Uber, Visa and Mastercard.

“Libra legitimizes the whole idea of ​​cryptocurrency,” Novogratz says in the interview. According to him, Facebook’s plan is therefore important for the entire cryptose sector. “Libra does not directly compete with bitcoin either. It is namely a stablecoin, used for payments. “

He goes on: “Bitcoin is so strong because it has proven itself as a” hard asset “, it retains value, just like gold. Investors are therefore increasingly beginning to see bitcoin as digital gold. “

Novogratz also mentions Microsoft, which builds a product on the bitcoin blockchain. According to him, these are all factors that contribute to the price rise in recent weeks. So there is not just a hype, but a real interest in bitcoin and cryptocurrency.

Bitcoin course takes a breather

But Novogratz does not believe that the bitcoin rate will rise just as fast in the short term as in the past few weeks. The course must first take a breather. The value of bitcoin this summer will fluctuate between $ 10,000 and $ 14,000.

Novogratz believes that the next price increase will be fueled by institutional parties. This involves parties such as Bakkt and Fidelity. By the end of 2019, Novogratz expects the bitcoin rate to exceed its all-time high of $ 20,000.