Billionaire Michael Novogratz: "I won't sell Bitcoin at $14,000, it will go even higher."

Mike Novogratz, founder of the digital currency investment bank Galaxy Digital and a cryptocurrency enthusiast, recently predicted in an interview that Bitcoin has a long way to go after this year's "spectacular rebound."

During an interview on July 3rd, Novogratz pointed out that Bitcoin's surge to $14,000 and subsequent correction is just a part of its historical pattern. He expects the market to fluctuate between $10,000 and $14,000 before entering the next bull run.

He further stated:

I won't sell Bitcoin at $14,000 next time; I'll wait until it approaches $20,000. I don't expect it to reach that level in the next few weeks, but rather by mid-Q4 or year-end.

Novogratz also discussed the reasons for this year's bull market, attributing the strong performance in the crypto market not to hype but to real drivers, such as Facebook's Libra project entering the cryptocurrency space.

Compared to Bitcoin, altcoins have not seen the expected price hikes. Novogratz expressed his view:

In fact, altcoins have seen smaller gains in the current bull market, indicating a more rational market. These projects still need time to realize their use cases, like Ethereum becoming "web 3.0 decentralized supercomputer," which includes scalability and efficiency to handle large-scale adoption. I believe it will take another two to three years.

In the long term, Novogratz believes Bitcoin is evolving into digital gold, with a potential valuation of $40,000, which could increase significantly over time.

Novogratz also acknowledged that with Bitcoin's current market cap of around $200 billion out of the total $8.5 trillion market, Bitcoin still has a long way to go. However, he emphasized that Bitcoin has been legitimized as a true hard asset, with a fixed total supply and robust technology.

Further Reading

• Russia Passes Digital Asset and ICO Regulations But Still Bans Facebook's "Libra"
• Study Shows: Bitcoin Has Been Profitable for 98.2% of the Days Since its Inception in 2009

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