Mike Novogratz Predicts a Sustained Rise for Bitcoin in 2020

Mike Novogratz Predicts a Sustained Rise for Bitcoin in 2020

Mike Novogratz, the billionaire co-founder of Crypto merchant bank Galaxy Digital, is one of the most outspoken Bitcoin bulls in the space. On December 28, Novogratz took to Twitter to share some of his predictions for the crypto space in 2020, and he foreshadowed a massive rise in the price of the asset.

In the tweet, Novogratz predicted that Bitcoin would finish next year with a price pegged at above $12,000, meaning that the asset will rise by at least 61.7 percent from its current trading levels (its price is holding strong at $7,421, per data from Coinmarketcap).

Hanks to Get an Oscar, Trump to Get the Boot 

His predictions also included some bold claims, including that Hollywood legend Tom Hanks will win an Academy Award for his portrayal of late American TV personality Mr. Rogers in A Beautiful Day in the Neighborhood. Hanks has been heavily praised for his performance, so the chances of that prediction aging well are quite solid.

Novogratz also placed a bet that U.S. President Donald Trump will lose the 2020 General Elections by at least 10 million votes. He added that if Trump does win, he will honor a 1 ETH ($135 ay press time) bet he made with another Twitter user. 

Trump has been a vocal critic of cryptocurrencies in the past, so it could be that Novogratz simply wants him out in favor of a candidate who will help promote digital assets in American culture. Sadly, none of the front runner Democrats seems into these assets as well. While they’ve not come out to criticize cryptocurrencies in the way that Trump has, they’ve also not given any endorsements.

The only Democrat in this race who is notably pro-crypto is Andrew Yang. The 44-year-old philanthropists and investor has gone as far as accepting campaign donations in Bitcoin, but his polling numbers are so low, Presidential Election Odds has him at a +2500 to get into the White House.

Could Bitcoin Rise Even Higher?

As for the price prediction, Novogratz is rather conservative in his outlook. In a world where people give Bitcoin price predictions, his forecast has notably been less outlandish than some others.

Last month, crypto analyst Dave the Wave shared on Twitter that Bitcoin could hit a $100,000 price peg by 2022. The analyst, who correctly predicted the drop to $6,000, explained that the Bitcoin price had exhibited a parabolic move since 2011, as it exponentially increased from the $1 price it had by then. 

Despite bearish trends here and there, the same move has been prominent. So, while the value of Bitcoin has risen in five-figure percentages over the past decade, it could still go way higher in the best than three years.

Remember, all trading carries risk. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.

About Jimmy Aki

Jimmy has been following the development of blockchain for several years, and he is optimistic about its potential to democratize the financial system.

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