Novogratz reiterates: Bitcoin price will return to $20,000 by the end of 2019

Galaxy Digital CEO Mike Novogratz mentioned in a previous interview with Bloomberg that he predicts the price of Bitcoin will reach a high of $20,000 by the end of the year, with the main driver of the price increase being the gradual entry of institutions into the market.

When it comes to Bitcoin's price trend so far this year, Novogratz recalled how Bitcoin surged from $4,000 to nearly $13,500, further suggesting that the price may consolidate and stabilize between $10,000 and $14,000. This reaffirms his prediction made at the end of June. He mentioned

that once institutions show increasing interest in cryptocurrencies again, this trend could push Bitcoin's price back to $20,000 by the end of 2019.

Institutions are indeed starting to show interest. In the U.S., the SEC recently approved the issuance of two tokens and yesterday agreed to a blockchain gaming company issuing its token without registering as a security. What does this mean? The previously less regulated crypto industry is gradually integrating into the involvement of large institutions, which bodes well for the overall trend in the eyes of the public.

Ultimately, the value of Bitcoin, like gold, depends on the user base and the "consensus" that Bitcoin is valuable for storing value.

Novogratz also commented on Facebook's highly anticipated Libra and the upcoming project token "TON" from Telegram.

He emphasized that despite the significant obstacles FB's project is facing, they have over 2 billion users, and these customers are starting to experiment with cryptocurrencies because of it. The hardest part of any business is how to attract customers. He said:

In about two to three months, Telegram will launch their blockchain project. Telegram has approximately 2.18 billion users, and we can't deny the customer base they have.

Next, he returned to his own company, Galaxy Digital, which has obtained approval from the financial regulatory authority FINRA to conduct initial public offerings (IPOs) for other cryptocurrency companies. Galaxy Digital's Head of Advisory Services, Ian Taylor, said:

We now have the ability to provide funding for the entire life cycle of digital assets and blockchain technology companies, from establishment, private fundraising to initial public offerings, and more, all within our service scope.

Further Reading

• The U.S. SEC approves again! YouNow will issue Props tokens
• Research shows Bitcoin is popular among the younger generation in the U.S.

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