- Michael Novogratz affirms a significantly positive potential in the worth of Bitcoin
- He predicted that the value of Bitcoin is likely to double to $100,000 by this year’s end
- Michael also suggested that other companies are now planning to shift their excess reserves into Bitcoin
Michael Edward Novogratz was the former hedge fund manager at the investment institution Fortress Investment Group. Currently, he is the CEO of Galaxy Investment Partners. The firm focuses on investments related to the primary cryptocurrencies of the market.
Doubling potential of Bitcoin
Michael Novogratz proclaims a significantly positive potential in the worth of Bitcoin. He expressed the same with his prediction that the value of Bitcoin is likely to double to $100,000 by this year’s end. The higher surge expectation is directly based on the idea that the companies will facilitate more customers to access the token to make transactions.
The coin surged to a record high of $44,795 on Monday. Tesla Inc.’s announcement of its purchase of the respective token, worth $1.5 billion with corporate cash reserves, caused the historic rise in Bitcoin. The company also declared that it will allow customers to purchase its electric cars through these coins.
Michael Novogratz interview with Bloomberg
Michael Novogratz recently appeared for a Bloomberg Television interview. He stated that the market will witness every company taking up the same process in America.
While the corporations are putting Bitcoin into treasury funds, the city of Miami is all set to add the cryptocurrency to its new balance sheet. Michael asserted that the amount involved will not matter much. Their overall message matters. Once you see the herd in one place, you start moving in the same direction.
The long-time crypto fanatic and investor also suggested that other companies are now planning to shift their excess reserves into Bitcoin. They will bank on the crypto asset’s worth of a hedge against inflation or in opposition to a plunging dollar.
Michael applauded the Tesla CEO Elon Musk for his choice to cater to the people and valuing the interests of a developing generation so well. He suggested that millennials and Gen Z create an intrinsic connection between Bitcoin, Tesla, solar commodities, and ESG financing.
Young people are investing in the future. They prioritize cryptocurrencies, especially Bitcoin and Ethereum, as their money.
However, Bitcoin’s infamous volatility still sustains. It plunged 25% last month just within the time frame of two days. This makes it difficult for the risk-averse CFOs to incorporate the crypto asset as a primary part of corporate finances.
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