Mike Novogratz Doesn’t Think Bitcoin Price Will Ever Go Back to $5,000

Novogratz excludes the possibility that any other cryptocurrency will overtake Bitcoin in the long term

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During his recent appearance on CNBC’s ‘Squawk Box,’ Galaxy Digital CEO Mike Novogratz voiced his bullish Bitcoin price prediction while the top cryptocurrency was struggling to stay above the $10,000 price level.

Novogratz doesn’t think that the bears will be able to buy back some cheap BTC at $5,000, but he ‘would be worried’ if it goes below $8,500.

The institutional boost

Novogratz mentioned Fidelity, Bakkt and spilled some beans about a major college endowment investing in Bitcoin, without revealing its name.

There are a lot of institutional players coming into space that are going to make access much easier

Earlier, David Swensen’s Yale endowment invested in cryptocurrency-related hedge funds instead of Bitcoin. 

When it comes to other projects, it boils down to what crypto will dominate the Web 3.0 era. Even if Ethereum wins this race, it still won’t take over Bitcoin, the gold of the digital era.

Beyond Meat and crypto

Novogratz also weighed in on the astronomic rise of Beyond Meat, a Los Angeles-based company that sells plant-based meat substitutes.

The upstart of 2019 has priced its second offering of shares at $160, which is 6 times higher compared to the IPO price of $25.

However, Novogratz believes that Beyond Meat could go through the 2017 crypto bubble.

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Alex Dovbnya

Alex covers all things crypto — from major projects, which are fighting tooth and nail to gain the upper hand in the burgeoning industry, to the latest regulatory trends around the world. He’s a firm believer that Blockchain has the potential to reshape pretty much every business out there, and cryptocurrencies are only a stepping stone to the upcoming decentralized revolution.