On Monday February 9, Michael Novogratz founder of Galaxy Digital, predicted in a Bloomberg report that Bitcoin price would hit US$100,000 by the end of 2021. This prediction came on the heels of Tesla Inc’s purchase of US$1.5 billion worth of Bitcoin in Jan 2021.
Novogratz has been known not to shy away from making predictions about Bitcoin price. He is known to hold a substantial amount of Bitcoin himself.
We scour the fabric of time to showcase his various predictions and to see if all have been on track.
April 2020 – Bitcoin to Hit US$20,000
Novogratz predicted in a CNBC interview that Bitcoin would hit US$20,000 by end 2020. Eventually, Bitcoin did hit US$20,000 in December 2020.
Next Target – US$65,000
Novogratz in a November 2020 piece, said that after the US$20,000 level is breached, the next target would be US$65,000. It seems after this Tesla mania, it may come true soon.
Bitcoin at US$100,000
In the most recent Bloomberg interview as first mentioned above, Novogratz said Bitcoin should hit US$100,000 by the end of 2021.
Bitcoin at US$500,000 ??
In a Yahoo interview, Novogratz said that Bitcoin will hit US$500,000 by 2024.
Novogratz is not the only known Bitcoin advocate to shout out price predictions. Others have also followed suit with shouts of lofty prices. While these price predictions are entertaining to a certain degree, one should always sprinkle a dash of salt in looking at them.