Recent developments in Bitcoin’s progression in 2017 have left analysts speeding to revise any predictions that they had made in terms of Bitcoin’s downfall. Mike Novogratz, a long-term, billionaire investor in Bitcoin, strongly believes that Bitcoin’s growth has not peaked yet and that is will cross the $10,000 mark by the end of the year.
Novogratz was an early investor in Bitcoin. In 2013, he purchased the currency for just $50 each and has publicly stated before that 10% of his life’s savings are invested in Bitcoin and Ether.
Novogratz, ranked as a billionaire by Forbes in 2007 and 2008, stated in an interview a month back that he would not be surprised if Bitcoin breached the $10,000 mark by the end of April 2018. The strong performance of Bitcoin in the last month has led to Novogratz revising his prediction, with the expectation of the $10K mark being reached by the end of the year.
His predictions for growth before the end of the year don’t stop at Bitcoin, however. Mike Novogratz also strongly believes that the positive changes in the Ethereum ecosystem will lead to the currency being very close to $500 by the end of the year.
Recently, Bitcoin has gone from strength to strength, even shrugging off Tether’s recent hack that resulted in a loss of $30m. While the security of cryptocurrencies is a concern, the overall market has not reacted dramatically badly as $30m is a relatively small amount when compared to the overall market cap of $250bn. This year, nothing has seemed to knock Bitcoin that hard; whether it's the negativity of insiders or countries cracking down on procedure. With the staggering amount of momentum behind Bitcoin’s current growth, it would not be a surprise if many analyst's predictions get revised again before the new year.