Bitcoin price (BTC/USD) could reach $10,000 next year, hedge fund legend says

Former Fortress Investment Group manager Michael Novogratz is starting a new hedge fund, focusing on cryptocurrencies and initial coin offerings

Bitcoin price (BTC/USD) could reach $10,000 next year, hedge fund legend says

The Bitcoin price (BTC/USD) could hit $10,000 next year, according to ex-hedge fund manager Michael Novogratz.

Novogratz, who retired from Fortress Investment Group in 2015, is starting a $500 million fund to invest in cryptocurrencies and ICOs. During an appearance on CNBC’s Fast Money programme on Tuesday, Novogratz revealed that he had been investing in Bitcoin and blockchain technology as a private investor. He found the cryptocurrency space so exciting that he eventually decided to come out of retirement and start the new business.

Novogratz forecast that the bitcoin price could reach $10,000 in next six to 10 months, largely because of the growing investor interest.

"I can hear the herd coming," he told CNBC.

The fund manager firmly believes that the blockchain technology “will change the way we live” and is “not going away”. He compared Bitcoin to gold, saying that the original cryptocurrency had become a digital store of value.

“As we move in a digital world, having a digital store of value makes more and more sense,” he added.

Today’s trading

The Bitcoin price has been mostly flat in today’s session, hovering around yesterday’s close of $4,782. The original cryptocurrency reached an intraday high of $4,834 in the latter part of the morning session, but could not maintain the positive momentum in the afternoon.

As of 15:21 BST, the Bitcoin price stood at $4,774, according to data from Google Finance. The cryptocurrency’s total market capitalisation currently stands at $79.3 billion.

For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.

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