Berlin: Just as the cryptocurrency, Bitcoin, took a record leap to cross $10,000, investor and analyst Michael Novogratz predicts it to reach $40,000 by the end of next year. While hinting Bitcoin to be an economic bubble a couple of months ago, Novogratz had indicated Bitcoin value to hit $10000. On this background, his new speculation assumes significance.
“By the end of 2018, the value of Bitcoin will reach the 40000 dollars. This is ealiy possible. The price of the cryptocurrency, Ethereum, whose current price is 500 dollars, will triple by the end of next year”, anticipates Michael Novogratz. It is said that the total market capitalization of all the cryptocurrencies in the world is estimated to be around 304 billion dollars. He further added, this value will rise six times estimating the market value of ‘cryptocurrency’ to 2 trillion dollars by the end of 2018.
Investment in cryptocurrencies has seen a massive growth in the US as well as the rest of the world. Novogratz also claimed that the demand for Bitcoin is on the rise in Asia and this has resulted in its price rise. Japanese Yen dominates majority of the Bitcoin trading. Japanese yen Bitcoin trading accounts for about 62 percent currently, while trading in US dollars accounts for about 21 percent.
Mike Novogratz has informed that he has invested 20 to 30 percent of his total investments in cryptocurrencies. Novogratz added that his company will launch 500 million dollars ‘Digital Assets Fund’.
On Sunday, Bitcoin value set a new record high reaching 9017.42 dollars. Merely 24 hours after that, its value increased by almost a thousand dollars touching 10,035 dollars on Monday morning. This information was reported by Bitcoin exchange ‘CEX.IO’. The fact that Cryptocurrencies like Bitcoin notching up the value of 10000 dollars, has created a furore.