Michael Novogratz: Bitcoin Is for Everyone and You Should Have 2-3% of Your Net Worth in It

Spread the love

Bitcoin bull Mike Novogratz believes that BTC is for everyone and that all investors should have a portion of their net worth invested in the crypto asset.

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.

“Bitcoin is for everyone,” he said, adding that “Everyone should put 2% to 3% of their net worth in bitcoin and look at it in five years, and it’s going to be a whole lot more.”

Novogratz is also a former partner at Goldman Sachs and a former manager of Fortress Investment Group. In 2012, Novogratz’s 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.

Novogratz’s $20k Prediction Coming True?

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.

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.

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.

RECOMMENDED READ:  Jim Cramer bought Bitcoin while 'off nicely from the top' in $17,000s

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.

“Right now, we’re getting close to 20,000, like the old highs. Rarely does a market trade to the old highs and go right through it, right? It’s just markets usually touch the old highs, exhaust themselves, correct a little bit, and then take out the high. And so there’s big support around 14 and a half, 15,000. And so listen– 19,000 to 15,000 would feel pretty painful if you just bought it here at 19. I don’t think we’re going to get down below 12,000 again in this episode,” he said.

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 “Game of Thrones” 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, “Duh!”.

Bitcoin’s current rally is a lot quieter than its last one. Google searches for “Bitcoin” peaked in late 2017. They’re now running at about one-fifth of that level. But Novogratz said the evidence supporting bitcoin prices is better than it’s ever been.

RECOMMENDED READ:  Bitcoin Price Analysis: BTC Bulls Aiming Next Key Bullish Break

 234 Interactions,  2 today

Cosmos, Decred, Monero Price Movement Analysis for 12th April, 2021

Decred could reach $200 if its press-time support holds. Monero broke out in the opposite direction of an ascending channel, Read more

Tron, Tezos, Synthetix Price Movement Analysis for 12th April, 2021

Tron was supposed to fall from its ascending channel, but only after it reached $0.139. Tezos could break down from Read more

Cardano Price Movement Analysis for 12th April, 2021

Since the beginning of the year, the price of Cardano has increased by 678 percent. The digital asset started the Read more

Binance Coin, Hedera Hashgraph, IOTA Price Movement Analysis for 12th April, 2021

Binance Coin saw a significant price increase and established a new ATH of $639. Hedera Hashgraph was supposed to break Read more

Chainlink Price Movement Analysis for 12th April, 2021

Chainlink's high market capitalisation, combined with its recent success, has persuaded many investors that it is a stable crypto asset Read more

Bitcoin Cash, EOS, Enjin Coin Price Movement Analysis for 12th April, 2021

To escape a collapse from its 20-SMA, Bitcoin Cash required to protect $668.5 help. EOS remained above the $6.45 support Read more

Bitcoin SV, Compound, Ethereum Price Movement Analysis for 12th April, 2021

Bitcoin SV may break lower from its ascending channel in the coming days, while Compound may fall as low as Read more

What you need to know about Bitcoin in relation to real estate

Over the past few years, the rise of Bitcoin and the blockchain industry as asset groups has attracted a great Read more

Chiliz, Dogecoin, Litecoin Price Movement Analysis for 12th April, 2021

Chiliz started to fall down the rankings. Many big altcoin funding prices were very high, implying that a shakeout to Read more

How do top NFT tokens such as THETA, ENJ, CHZ, and MANA compete with top altcoins?

After February 2021, the daily aggregate trading volume for NFTs has been steadily increasing. It will reach an all-time high Read more

Uniswap, BitTorrent Token, Elrond Price Movement Analysis for 12th April, 2021

Uniswap was consolidating over the $30 level, and BitTorrent Token seemed to be in an accumulation process as well. Elrond Read more

Leave a Reply

Contact Us