Famed hedge funder turned crypto-investor Michael Novogratz does not think bitcoin will top out anytime shortly.

The previous Fortress manager told CNBC Monday (27th Nov 2017), the Bitcoin that has been flirting with $10,000, could possibly hit $40,000 at the end of 2018.

Michael Novogratz, who’s planning to establish his own cryptocurrency hedge fund, said that “a spike in interest from both institutional & retail investors can drive bitcoin into his eponymous price goal.”

He stated that-

According to the earlier reports of Business Finder, some of Wall Street firms have jumped onto the bitcoin bandwagon, including market makers DRW, & DV Trading. Exchange giants CME & CBOE are set to initiate bitcoin futures agreement, which will allow investors to bet on the future cost of bitcoin, at the near-term.

To be certain, Michael Novogratz does not believe the path to $40,000 will likely be without twists and turns. He said 50% corrections might occur along the way.

Novogratz has been on the money before. In October, he told CNBC that bitcoin could come up $10,000 as soon as soon as March 2018.

Bitcoin started the year just under $1,000. And now Bitcoin is trading at $10,820 per coin (as on 29th Nov 2017), a bit afraid of its all-time high of $9,733, based on the data collected from Markets Insider

Source: http://www.unkrypted.com/bitcoin-hit-40000-by-2018-end-michael-novogratz/

Author's Bio: 

Ricky Is the Co-Founder of Unkrypted, a platform which provides the latest news and information that helps to understand everything about the ever-evolving world of digital currencies.

He is also the founder of Absoltz- a full premier digital marketing agency in Sydney, Australia. He is been fascinated by Blockchain technology since the first time he heard about it in [2013] and now he is more into the technical aspects of Cryptocurrencies and Block Chain technology