The famous Bitcoin bull, a well-known cryptocurrency investor and the CEO of Galaxy Investment Partners, Mike Novogratz, is in the latest Bitcoin news – again because of his optimism and with a new prediction on the price of Bitcoin.
According to Novogratz, there could be a massive price surge in the price of Bitcoin which could happen in the first half of 2019 – but not unless major institutional adoption occurs. Known for his bold statements that were mainly oriented towards Bitcoin and a price target of $25,000 by the end of this year, Novogratz’ optimism seems more toned down now.
Novogratz spoke to Erik Schatzker on the “Bloomberg Markets: The Close” and said that the price of Bitcoin wouldn’t break $10,000 – contrary to his earlier predictions. As he noted:
“One thing you learn in this process is that everything takes a little longer than you hoped it would. I don’t see us breaking $10,000 by the end of the year,”
Aside from Bitcoin, the prominent investor also touched the latest decision by Fidelity Investments to release a custodial solution that would be tailored to institutional investors and particularly the safety of the digital assets that they purchase. In this manner, he said that Fidelity won’t start “seeing institutional flows into purely crypto assets until the Q1 or the early Q2 of 2019.”
When asked about Bitcoin’s long-term (and long-expected) rally, he was confident and again optimistic, stating:
“[Cryptocurrency] is a global revolution. The internet bubble was only a US thing. It was rich US people participating. [Cryptocurrency] is global. There are kids in Bangladesh buying coins. It is monstrous in Tokyo, in South Korea, in China, in India, and in Russia. We’ve got a global market and a global mania. This will feel like a bubble when we’re at $20 trillion.”
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"We believe this thesis still remains intact which could mean seeing a break of the lows in the coming weeks. A 25% selloff in BTC from the current lows of $3,200 would be to roughly $2,400."He also shared that the next sell-off could be just what the crypto market needs in order to finally break the backs of the bears and reach a new bull momentum in 2019.
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“Bitcoin is now accessible at your local grocery store via Coinstar kiosks, and this offering will make it even easier for consumers to participate in this dynamic new economy.”Coinstar, on the other hand, offers coin-to-cash conversion in their kiosks in multiple countries around the world but it still remains unknown whether the Bitcoin feature will expand just as quickly as it did in the US. Coinstar’s CEO Jim Gaherty noted: Coinstar offers coin-to-cash conversion kiosks in various countries throughout the world. It remains unknown whether the Bitcoin feature will expand beyond the U.S., while the company did not provide figures on how many machines will offer it.
“Coinstar is always looking for new ways to offer value to our consumers when they visit our kiosks.’’According to CoinATMRadar industry monitoring resource, there are more than 4187 Bitcoin ATMs worldwide and more than 60 percent or 2516 are in the United States. The market has grown plenty over the years and many operators are trying to get control of what they think to become a fairly popular trend for crypto usage.
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