Former Fortress macro trader Mike Novogratz just went on CNBC once more to project a $40,000 USD bitcoin price and a $1,500 ether price by the end of 2018.
Such incredible price surges would necessitate that the entire capitalization of the cryptocurrency market eclipse the impressive $1 trillion dollar milestone.
Novogratz is confident, to say the least:
“Bitcoin could be at $40,000 at the end of 2018. It easily could. And I think Ethereum, which I think just touched $500 or is getting close, could be triple where it is as well [i.e. ~$1,500].”
— CNBC's Fast Money (@CNBCFastMoney) November 27, 2017
Why? Because Novogratz thinks there’s “a big wave of money coming, not just here but all around the world.”
Novogratz noted how the Nasdaq bubble was driven mainly by the United States. He sees the crypto craze as much more of a globalized phenomenon, pointing to major retail interest in South Korea and Japan:
“60, 70 percent of all global trading volume in these cryptos is happening in Japan and Korea. And so I have a sense that this is going to go a lot further.”
And Novogratz explained how Bitcoin and Ethereum are a “speculator’s dream” because they are highly scarce and aren’t subject to supply responses of any kind:
“What’s different about these coins than other commodities … there is no supply response here. So it’s a speculator’s dream in that as buying happens there’s no new supply response that comes up. So every price move gets exaggerated. It’s going to get exaggerated on the way up. There will be 50 percent corrections. It will get exaggerated on the way down.”
Likewise, the macro-trader still doesn’t advise throwing all caution to the wind. He recommends everyday investors put around one to three percent of their net-worth into crypto, while he says wealthier investors could get away with as much as ten percent.
TLDR: Crypto’s Wall Street poster boy Mike Novogratz is at it again, with the macro trader now saying BTC could hit $40k and ETH could hit $1500 in 2018.