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Will There be an End to Bitcoin’s Surges?

Mike Novogratz: “There’s No End to Bitcoin’s Surges”

Bitcoin’s price just keeps on booming, and according to a billionaire investor and former hedge fund manager Mike Novogratz, this is only the tip of the iceberg, for he believes that the asset is going to spike much higher in the next few years.

In a recent interview, Novogratz claimed:

“Right now, total crypto wealth is roughly $2 trillion, so that’s one half of one percent of all the wealth. If you do not think in the next two to three years that can be two percent to three percent, you’re not paying attention to the trends.”

Bitcoin has been on a roll last year. Reaching $10,000 in February last year, the world’s number one digital currency suddenly took a turn for the worse the next month when the coronavirus pandemic began. The virus struck our global markets, and because of this, bitcoin took nasty falls.

Bitcoin fell into the high of $3,000 range, although it didn’t last long, and then two months later, the currency has been trading for over $9,000, bringing about new beliefs that the asset has been stronger than it was given credit for.

Then the pandemic continued to spread, bitcoin just kept on going higher and higher. The price has been spellbinding as countries like the US began to lose faith in their own national currencies with the growing rate of inflation that was striking the market from all corners. Until that point, Bitcoin had always been a speculative tool that would possibly make a person rich overnight given that the market moved in traders’ favor.

But now the people were viewing bitcoin under a new eye. Bitcoin was a store of wealth that can possibly keep one’s portfolio safe during times of economic turmoil. People just kept on buying and investing, and this has led to a brighter attitude from companies like MicroStrategy, which was one of the first institutions to support the asset publicly. After some repeat buys, the company now owns over $2 billion worth of the digital asset.

It has been a wild and crazy ride for BTC that many traders have likely found enjoyable, and Novogratz is confident that things won’t end here. He continues his interview saying:

“The amount of growth that we’re going to see in our space is staggering. We are just getting started.”

A Whole New Era

He is quite confident that BTC will spike heavily in the coming weeks due to Coinbase’s listing on the Nasdaq. He comments:

He is somewhat confident that BTC will spike heavily in the next few weeks because of Coinbase’s listing on the Nasdaq. He says:

“Let us not miss the big picture: this is like the Netscape moment for the cryptocurrency economy. Remember, Netscape in 1995 – four years before we had this crazy frenzy – basically signaled the beginning of the internet age.”

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