Mike Novogratz, a former Goldman Sachs bank investor, argues that the institutions’ fear of losing earnings will bring the stagnation period of the bitcoin (BTC) price to an end, taking it to new record prices.
According to Novogratz, in 2019, the price will return to $20,000 or even exceed the bitcoin record threshold.
The investor explained to the Financial News that:
Bitcoin has to take out $6,800, and after that we could end the year at $8,800 to 9,000. By the end of the first quarter [of 2019], we will take out $10,000. And after that, we will go back to new highs — to $20,000 or more.
These predictions are also supported by statements from BlackRock’s CEO, Larry Fink. Fink said that BlackRock could release ETFs related to crypto-assets once these have been “legitimized“.
At the New York Times DealBook conference, according to CNBC reports, Larry said, “I wouldn’t say never — when it’s legitimate, yes“.
BlackRock Won’t Launch Bitcoin ETF Until Crypto Is ‘Legitimate,’ Says CEO Larry Fink https://t.co/OD1awOqxkN
— CCN Markets (@CCNMarkets) November 1, 2018
Market movements are a very bad indicator
After all, it is difficult to be pessimistic: although this year the market has not been kind to cryptocurrencies, more and more investments are being made to develop services and technologies related to cryptocurrencies, which makes them increasingly practical and usable.
By now, even the institutions, which seemed to want to hinder innovation, seem to have given up, trying now to adapt and develop services based on these technologies.
Cryptocurrencies have gone from being considered a means of making transactions between criminals to an investment in which even Harvard, MIT and Stanford participated.