The price of bitcoin will reach $ 100,000 this year as companies adopt it, Novogratz predicts.
Former hedge fund manager and founder of cryptocurrency investment firm Galaxy Digital Michael Novogratz predicted that the price of bitcoin will more than double to $ 100,000 by the end of this year, as “all” companies in the U.S. go buy BTC.
Speaking during a interview to Bloomberg Television, Novogratz reacted to Tesla by revealing that it had invested $ 1.5 billion of its corporate cash reserves in the main cryptocurrency and is set to accept BTC payments for its services in the near future, saying its CEO Elon Musk is a “Genius” For his decision to “listen to people”.
Novogratz added that he believes the price of BTC will rise to $ 100,000 this year, as corporate adoption will continue to grow, he said:
“You will see every company in America doing the same thing. It doesn’t have to be much. It’s the message that matters, you’re seeing the herd here and it’s coming. ”
Cryptocurrency enthusiasts and investors speculated that companies may continue to move a portion of their reserves to bitcoin as a protection against inflation and the falling dollar and pointed out that the interests of a rising generation include cryptocurrencies, Tesla, solar stocks and ESG investments.
Young people, he added, are “buying in the future” and see cryptocurrencies “as their coins”. It is worth noting that Novogratz’s Galaxy Digital has an estimated value of 16,402 BTC purchased for $ 134 million. The coins are now worth more than $ 760 million.
MicroStrategy, a Nasdaq listed business intelligence company, also invested heavily in BTC. The company invested a total of $ 1.145 billion in BTC to buy 71,079 coins, which are now worth more than $ 3.28 billion. Bitcoin’s volatility is believed to be preventing risk-averse CFOs from making it part of the corporate treasure.
Novogratz pointed out that the richest man in the world has ever invested in cryptocurrency, which probably made CFOs and CEOs think about what they should do about the flagship cryptocurrency. After Tesla’s bitcoin purchase was announced, BTC’s price soared to a new high above $ 48,000 before the correction.