Mike Novogratz Predicts Bitcoin Enters Year 2020 in 12K Price Zone

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by Jeff Fawkes · 3 min read
Mike Novogratz Predicts Bitcoin Enters Year 2020 in 12K Price Zone
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Mike Novogratz, founder and CEO of Galaxy Digital said that Bitcoin will reach 12,000 per coin till the end of 2019. Another pretty optimistic Twitter prediction by Pantera Capital CEO or a real bet?

Novogratz is a fan of making Twitter predictions. This time, he thinks that Donald Trump will lose the Presidential elections. His competitor, according to Novogratz, will have 10 million votes more. One of the subscribers made a bet that this will not happen, placing 1 ETH and Novogratz accepted the deal.

However, when it comes to Tom Hanks, Novogratz thinks that no other actors can dive into the Process as precisely as he can. Regarding “A Beautiful Day in the Neighborhood”, he thinks that Tom Hanks will receive Oscar for playing Mr. Rogers in it.

But the most interesting forecast is about the Bitcoin price. Novogratz likes to talk about price, in Summer 2019 he said that Bitcoin will reach 20,000 and that it will certainly won’t go below $8,500. From what we’ve seen, in October Bitcoin was falling below $7,500, and Novogratz rushed to make another prediction. According to his Twitter, he did think that Bitcoin will reach $10,000, but before that, it will make a short trip to $6,500.

Invest in Code, Not in ICO Funds

Galaxy Digital, a bank for cryptocurrencies led by Novogratz, is earned 58,4 million during the first three quarters of 2019. However, during the last quarter, Novogratz lost 68,2 million. Mike was putting some heavy bets on Pantera ICO funding firm.

Since 95% of all the ICO startups are Ponzi schemes and fraud companies, the bet didn’t play. Pantera brought in significant losses in Q3 2019, taking off $14,5 million. He also lost $43,3 million in OTC trading startup, which may indicate that Novogratz is a man who is not close to the decentralized protocols code development and the secret Inner Game.

However, why not invest directly into developers? If you want to earn money on Bitcoin Cash, invest in its developers. If you want to earn with Ethereum, Monero or Zcash – support the developers. It always seemed strange how people who make billions on cryptocurrency put zero money to the developer’s pockets only because it’s a “free software” and “more of a social experiment than of a real money”, etc. If you make the real income of toy projects, share the income with the toy developers, pretty simple right?

And the main reason why everyone should do that is that the only legitimate way to increase some coin’s price is to bump the code. The more of a fresh code the network sees, the more adoption it gets. No PR shills and no TV stars can bump the price of coins as fast as new, sophisticated code.

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Jeff Fawkes
Author Jeff Fawkes

Jeff Fawkes is a seasoned investment professional and a crypto analyst. He has a dual degree in Business Administration and Creative Writing and is passionate when it comes to how technology impacts our society.

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