Bitcoin Price to Hit al Least $177,000, Mike Novogratz Believes

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by John K. Kumi · 3 min read
Bitcoin Price to Hit al Least $177,000, Mike Novogratz Believes
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Novogratz believes that the babyboomers could lead a new massive bull run. 

Michael Novogratz, the founder of Galaxy Digital and a crypto analyst, has dropped a bold Bitcoin prediction backed by an interesting technical analysis. According to him, the Bitcoin price will be positively impacted by the new generation of investors identified as baby boomers.

His prediction was based on several factors including the prediction of a possible $1.5 trillion flowing into Bitcoin from wealthy investors. It has been revealed that about $30 trillion of Assets of the retail sector of the US wealth management has no direct investment in Bitcoin. 

Novogratz believes that the baby boomers (people born between the end of World war 2 and the mid-1960s) could lead this massive bull run. 

“Over the next year, from this giant group of wealthy people, up to a trillion dollars may enter the bitcoin market. Moreover, the money will begin to flow in early April, ” he said. 

Bitcoin could be used to hedge against inflation in the wake of money printing while enjoying the rise of value. These two factors can cause a high cash flow into the Bitcoin industry. Novogratz predicts that about $2.5 trillion will enter the Bitcoin market, and when added to the current $1.2 trillion capitalizations, there will be a $3.7 trillion capitalization which will lead to a price of $177,754 per coin. Novogratz explained that Bitcoin is more or less like a store of value rather than a mode of payment. 

According to him, if there is any concern about the massive printing of money, it’s better to buy Bitcoins. Alfred F. Kelly, the CEO of Visa believes that Bitcoin is going extremely mainstream, and disclosed that they are working to ensure that Bitcoin payment Is accepted in about 70 million stores. 

Goldman Sachs Group has also confirmed that there is a huge institutional interest in Bitcoin. Another angle for Bitcoin rising to the predicted price point explains that there were about 4.5 million Bitcoins by the beginning of the year. There has been a question on what investors will buy. The fact is that investors are willing to purchase anything available for trade.

 It is analyzed that when all the 4.2 million Bitcoins found on the various exchange wallets and the OTCs are subtracted from the 18.6 million Bitcoins in circulation, there is a huge possibility of the asset trading at $711,000 by the end of the year.

The prediction of Novogratz is valid on all fronts. When the theory of Bitcoin halving Is considered in addition to the expected cash flow from the new generation investors, the Bitcoin price may blow up. The Bitcoin halving reduced the mining reward by half, forcing the supply of Bitcoin to decrease in relation to the ever-growing Bitcoin interest. This basic economics implies that the price will rise. 

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John K. Kumi
Author John K. Kumi

Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.

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