Michael Novogratz
  • Mike Novogratz says he expects the price of Bitcoin to hit $65,000 and told the “Game of Thrones” star Maisie Williams to buy the digital token.
  • Williams conducted a Twitter poll Monday about whether she should buy Bitcoin. It caught the attention of several prominent names including Novogratz, Elon Musk, and the major cryptocurrency investor Barry Silbert.
  • Bitcoin climbed as much as 4.8% to $18,480 on Wednesday, to a fresh three-year high, before tumbling by $1,000 during Asian trading.
  • Bitcoin’s market capitalization has hit a new high of $337 billion, surpassing a record of $328 billion set in December 2017.
  • Visit Business Insider’s homepage for more stories.

The billionaire investor Mike Novogratz predicted the price of Bitcoin would hit $65,000 while offering advice to the “Game of Thrones” star Maisie Williams on Twitter.

The actor took a poll Monday on whether she should buy the world’s most popular cryptocurrency. Novogratz responded by saying he expected the price to first hit $20,000 before getting to $65,000 because of a “network effect” in which there were a ton of new buyers and low supply. “So YES, buy it,” he said.

Screenshot 2020 11 18 at 08.33.07

Bitcoin surged as much as 4.8% to $18,480 on Wednesday, to a three-year high, before tumbling by $1,000 in midafternoon Asian trading. Bitcoin began to surge in October at about the time PayPal announced it would allow its users to buy, sell, and hold the cryptocurrency on its network. The price has gained 70% since the start of last month.

Read more: MORGAN STANLEY: Buy these 21 stocks set to soar at least 50% as their earnings rebound from a COVID-induced rout

Novogratz has long advocated Bitcoin and said he expected its price to keep ripping higher as more people warm up to the idea of adding it to their portfolio.

Even though Novogratz advised Williams to buy, the overall response to her poll showed that the verdict was against him.

Of the almost 900,000 votes on her poll as of 3:30 a.m. ET on Wednesday, about 53% of respondents were against investing in Bitcoin.

The poll even caught the eye of Tesla CEO Elon Musk, the podcast host Stephan Livera, and Barry Silbert, the CEO of the investment fund Digital Currency Group.

Bitcoin’s market capitalization has hit a new high of $337 billion, eclipsing a record of $328 billion set in December 2017, according to data from Coin Gecko.

As for crypto skeptics, the hedge fund manager Ray Dalio acknowledged Tuesday that he “might be missing something” about Bitcoin and said he still saw reasons he didn’t expect it to become an everyday currency. 

Read more: A 28-year-old hedge fund co-investing chief shares how he advanced from community college to Wall Street – and broke down his two-pronged approach to managing the fund’s volatility strategies

(Excerpt) Read more Here | 2020-11-18 08:12:00
Image credit: source


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