The worlds most valuable cryptocurrency bitcoin can quadruple in price from the current record high of $10,000 in the next 13 months, predicts former Fortress hedge fund manager Michael Novogratz. On Monday, the digital currency smashed the $10,000 mark on South Koreas Bithumb, one of the worlds biggest exchanges for cryptocurrencies.
Bitcoin started the year at below $1,000 and has since jumped more than ten-fold. According to Novogratz, by the end of 2018 bitcoins rival ethereum could be triple (from) where it is as well..
The investment guru claims that "probably over 20 percent" or "maybe even 30 percent" of his net worth is in cryptocurrencies, split roughly in half between bitcoin and ethereum. Novogratz expects that to increase by about six times to $2 trillion by the end of next year.
Demand from Asia, mostly from Japan and South Korea, has been the most significant contributor to bitcoin's gains since China halted all exchange-based crypto trading. Novogratz says that in contrast to oil and renewable energy products, companies cannot produce more bitcoin to meet demand since the digital currency's supply is limited to 21 million coins.
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