Galaxy Digital founder and CEO on Monday told CNBC that bitcoin's rise was imminent in the face of massive money printing by world central banks.
"The (Bitcoin) halving was monetary easing," Novogratz said, ignoring the latest coronavirus-inspired stimulus programs that poured trillions of dollars into global economies overnight.
"It's like an exclamation point on the economic tale about why precious commodities like bitcoin are expected to move higher. We 're going to earn $10,000, and we're trying to move to $20,000 before the end of the year. I feel comfortable about it, "he added.
BTC fell as much as 1.4 per cent to $8,620 in the aftermath of last night's third halving. Pre-half forecasts favoured a significant price rise.
The cryptocurrency rose by more than $10,000 in the run-up to the case, which slashed mining bonuses by 50% as market interest hit a fever-pitch.
However, the price fell by at least 15 per cent over the weekend, momentarily hitting $8,250, and some observers characterized it as market abuse by so-called bitcoin whales.
As of when writing, per BTC, traded at $8,800. The rate was up 6 per cent in the last 24 hours, according to data from markets.bitcoin.com.
Novogratz said that he did not take part in the deal, but claims that Paul Tudor Jones, a billionaire hedge fund founder, is entering space, suggesting that institutional investors are increasingly involved in cryptocurrencies.
Source: Bitcoin.com
