Mike Novogratz: I'm Not Selling Bitcoin at $14K Again

Published on by Cointele | Published on

Galaxy Digital founder and crypto enthusiast Mike Novogratz has predicted that bitcoin still has a long way higher to go following its current "Spectacular rally."

With BTC price circling the $11,000 at press time, Novogratz told Bloomberg TV on July 3 that the coin's spike toward $14,000 and later downwards correction was to be expected as part of its historic moves.

"I don't think I'm selling the next time we're up to $14,000," he said.

"I think the next time we get up there it's closer to $20,000 I don't expect that in the next few weeks, I don't expect it till the middle or the end of the fourth quarter."

In the longer term, Novogratz argued that bitcoin is carving out its niche as a form of digital gold, and that we can expect it to hit a $40,000 valuation and potentially much higher over time.

Given physical gold's current market cap of $8.5 trillion, bitcoin still has some way to go before it catches up, he conceded - yet emphasized that the coin has become legitimized as a real, hard asset with a fixed supply and robust technology.

Novogratz contrasted bitcoin with other coins such as ether and XRP, suggesting that these latter cryptocurrencies are dealing with significantly more competition.

Such projects still need time to build the technology that will realize their aspirations - in Ethereum's case, to succeed in becoming "a web 3.0 decentralized supercomputer" that is scalable and efficient enough for mass adoption.

In a short remark on the current state of crypto regulation, Novogratz emphasized that the United States is failing to keep pace with the sector, but that Facebook, Visa and Mastercard's entries will likely serve as a wake-up call that smarter - if not necessarily more - regulation is needed.

As reported, Novogratz's fresh comments are consistent with his recent analysis that BTC is likely to remain in a consolidation around $10-14,000, notwithstanding its day-by-day volatility.

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