Bitcoin price will fly at $10000 very soon

Billionaire trader and legendary hedge fund manager Mike Novogratz says that the bitcoin price will reach $10,000 before the end of the year.

Speaking on Bloomberg TV, Novogratz, who has been bullish on Bitcoin throughout the year, said Bitcoin would yet hit the magic number before the new year, and also predicted $500 per coin for Ether (ETH) within the same period.

Previously, Novogratz has stated that he believes mainstream financial firms are preparing to make a splash in the bitcoin markets and ecosystem. In October, he said that this Wall Street “herd” will carry the bitcoin price to $10,000 within six to 10 months. However, the bitcoin price has already increased approximately $3,000 since then, making him confident that bitcoin will reach the five-figure mark by the end of 2017. “The institutionalization of this space is coming. It’s coming pretty quick.,” he said recently. 

“We’re in the second or third inning of this revolution,” he said. “Because prices have moved so far people are nervous. You made a whole lot of money, there’s news, so you want to book your profit and get out.”

Mike Novogratz, who was a partner in Goldman Sachs and hedge fund manager at Fortress Investment Group, is deeply invested in Bitcoin. He was an early investor in Bitcoin, purchasing Bitcoins for $50 each in 2013. He also invested in Ether at the IPO, picking it up for about thirty cents. He has stated that he has invested 10% of his life savings in Bitcoin and Ether. Given the massive increase in prices of Bitcoin and Ether over the past year, that proportion is likely to have increased. Novogratz is currently looking to raise up to $500 mln to set up a hedge fund in the cryptocurrency space.
He is staking at least $100 million of his own capital in the fund, and he hopes to raise $350 million to $400 million from external investors by the first quarter of 2018.