Bitcoin price (BTC/USD) to reach $10,000 by year’s end, say Mike Novogratz

Hedge fund manager Mike Novogradz expects further gains for the Bitcoin price (BTC/USD) this year.

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In an interview with Bloomberg television yesterday, Novogratz forecast that Bitcoin would hit $10,000 by the end of the year and once again likened the original cryptocurrency to digital gold. “Gold has value solely because people say it has value; bitcoin is built on an amazing technology, there’s a limited supply of it,” as quoted by Bloomberg.

Novogratz said earlier this month that he expected Bitcoin to reach the $10,000 mark by March, next year, but it seems that the Bitcoin’s recent gains have convinced the former Fortress Investment executive to raise his forecast. He also sees Ethereum, Bitcoin’s chief cryptocurrency rival, finishing the year significantly higher that its current level of around $360. According to him, the Ethereum price will reach $500 by the end of the year.

“Just in the last few days, Ethereum has started to move. I actually think it's gonna put a new high soon. There are a lot of positive things happening in the Ethereum ecosystem,” he said in the interview.

In his earlier comments Novogratz mentioned opined that institutional investors were six to eight months away from adopting Bitcoin. He also said that he expected big financial institutions to soon start offering cryptocurrency-based investment products that would make buying digital coins much easier.

When it’s that easy, the price of bitcoin or ethereum is going to go much higher. And that is a lot closer than people think,” Novogratz told Reuters at the time.