Mike Novogratz, CEO of crypto investment firm Galaxy Digital Capital Management, has again corrected his Bitcoin (BTC) price forecast. The billionaire investor has changed his tune from bullish to bearish, saying that he doesn’t see much opportunity for Bitcoin to break the $9,000 barrier by year’s end.
Novogratz also linked the current prices declines to industries selling cryptos “just to fund the burn rate of the industry.” He stressed that these companies are not earning “anywhere near” the revenues from last year’s “crypto boom.”
Novogratz, who predicted last year that the cryptocurrency could swell to $40,000 in 2018, said it will take until the first two quarters of next year for bitcoin to move above $10,000.
Novogratz, whose cryptocurrency-focused merchant bank Galaxy Digital went public on a Canadian stock exchange in August, called a bottom for bitcoin prices in September.
Novogratz concluded in the same article that Bitcoin will see a surge of 30% before the end of the year. Adding that 2019 will be fruitful for the industry, as institutional investors will invest heavily in virtual currencies due to “FOMO” or “fear of missing out” – a trait he observed in December last year.