Signals from the authorities and growing interest from large companies are just some of the reasons that will push up the price of Bitcoin according to Mike Novograt.
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A Bitcoin rally is coming!
The authorities are beginning to move seriously on several fronts to institutionalize and regulate the crypto sector, while the investments of large companies and the interest of people are growing.
These are just some of the reasons that will push the price of Bitcoin towards a long positive trend according to Mike Novogratz, founder, and CEO of Galaxy Digital.
Novogratz highlighted the recent openings to Bitcoin by Starbucks and Microsoft, a sign that is growing people’s confidence in virtual currencies, and I refer to the importance they assume in everyday life will be increasing.
Bitcoin: when will the price go up?
Other companies and institutions will soon take a decisive step towards the main crypto according to Novogratz. They will do so “for fear of getting lost”, so as not to risk falling behind the innovation brought to the market by the sector.
According to the expert, there is, in fact, a widespread institutional fear of virtual currencies, the so-called all-American FOMO – “fear of missing out”, that is the fear of being cut off from the emerging crypto-currency universe and its role in society and in the big business realities.
Just this terror could contribute to growing more and more price and fame of Bitcoin, which would enter so very soon in the portfolio of the average investor. In this way, many would begin to think of Bitcoin as a value deposit, almost like gold.
The price of Bitcoin was close to a record $20,000 at the end of last year but lost almost two-thirds of its value in 2018. Yet Novogratz believes that the worst has definitely passed for the largest digital currency by market capitalization, and estimates that it will appreciate by 30% by the end of the year:
“But the big upward movement will really start to come into view in the first quarter of 2019.”