Bitcoin Forum

Bitcoin heading over $10,000 in six to 10 months, former Fortress hedge fund manager says

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Michael Novogratz

Although he says digital currencies like bitcoin show signs of forming a bubble, former hedge fund manager Michael Novogratz is going all-in.

The former Fortress Investment Group manager says he's been investing in bitcoin and its underlying blockchain technology for a while and sees bitcoin's price rising to over $10,000 in the next six to 10 months, largely because of heavy investor interest. Bitcoin was up 2.1 percent on Tuesday, to $4874.15 as of 5 p.m. ET, according to CoinDesk, and has surged in value this year.

"I can hear the herd coming," he said during an appearance after market hours Tuesday on CNBC's "Fast Money." He likened bitcoin to digital gold.

Novogratz is starting a $500 million fund to invest in cryptocurrencies, initial coin offerings and related companies. He put $150 million of his own money into Galaxy Digital Assets Fund and plans to raise the rest from outside sources by January, mainly from wealthy individuals and families and fellow hedge fund managers.

He told Bloomberg Television last month that digital currency like bitcoin is "going to the be the largest bubble of our lifetimes." JPMorgan Chase CEO Jamie Dimon last month called bitcoin a "fraud" and said he would fire anyone at his bank for trading it.

But whether bitcoin lasts or eventually gets replaced by the next new thing, the underlying blockchain technology is probably here to stay, he said. "Blockchain will change the way we live," he said. "This is not going away."


Source: https://www.cnbc.com/2017/10/10/bitcoin-heading-over-10000-in-six-to-10-months-former-fortress-hedge-fund-manager-says.html

Fantastic financial forecast, it seems like Mike personally knows those  "heavy investors" which would like to invest into bitcoins, wondering that his confidence goes against Jamie Dimon`s and other bankers bitcoin position. That must be because of different ways of creating their assets.

The blockchain a technology behind the Bitcoin is "The Next Big Thing" of internet. Many financial and banking companies are admired so much how the blockchain work. Then many bitcoin forks and altcoins sprouting every quarter of the year trying to defeat bitcoin dominance but none of them had succeed, them more forks are coming the stronger the bitcoin it get. All i can say that no matter how they try to stop the bitcoin, it will remain strong. The bullish trend is the after effect of many forks like Bitcoin Cash, Bitcoin Gold.

I do not think there is anything strange or unexpected in his prediction,it is very likely that for six, and especially for ten months price of BTC will double in value.There is no need to expect any other prediction from person who invest 150$ million in BTC,and have plans to invest more.This kind of news is acts encouraging to other investors and when they start invest such large sums of money what to expect but the price only goes up.

There is many prediction and speculation regarding BTC price in future,whether this will be correct or not we will find out in next 6-10 months.

50k, 10k, 100k, 500k. How many more of those predictions will we hear? Yes, BTC will rise. No, noone can tell where it will be in a year. If anybody could this would be an easy game...

Damn, one hell of a forecast there Mr. Novogratz. Thank you for sharing your thoughts unlike others there who are really attacking bitcoin. He understands all the risk involved in investing in bitcoin but he remains very bullish just like the rest of us here. There is nothing strange in his prediction, I would agree, but coming from a man like him who I think is also respected in the field, it is so surprising. But we may see that his prediction can turn into reality once the $5000 barrier is broken and the massive bull run continues. He is already hearing the herd. Next week is the bull run will start and its gonna be massive.