Billionaire Novogratz Predicts $20,000 Bitcoin Price Within 18 Months

Michael Novogratz, a former hedge fund manager and current CEO of Galaxy Digital, a full-service cryptocurrency merchant bank, has predicted that the bitcoin price will triple within the next 18 months.

Novogratz, a graduate from Princeton University, believes that the bitcoin price will return to its previous all-time high of nearly $20,000, which the cryptocurrency reached on December 17th, 2017.

Bitcoin Has "Popped Back Up"

Novogratz, whose comments came during an interview with CNN Business at the SALT Conference, held in Las Vegas, Nevada on May 9th, 2019, remarked:

Out of the rubble, Bitcoin has popped back up.

According to Novogratz, Bitcoin price will not drop as low as it did in December 2018, when the world’s most dominant cryptocurrency was trading at only around $3,200. However, the former Goldman Sachs investment banker clarified that Bitcoin’s value may plummet if another major cryptoasset exchange is hacked or if more restrictive crypto regulations are introduced.

CryptoCompare Bitcoin Price chart 1 year

While speaking at the SALT Conference, Novogratz stated:

It would take something like [a major security breach of a crypto exchange] to shatter [the] newfound [investor] confidence in the [digital asset market].

Despite a recent large-scale security breach that occurred on leading cryptoasset exchange Binance on May 7th, 2019 (resulting in a loss of around 7,000 BTC, valued at over $40 million), the crypto market’s confidence appears to not have been affected. This, as the Bitcoin price has surged past the critical $6,000 mark and the cryptocurrency is now trading at around $6,031 at press time.

However, Novogratz thinks that, in general, "for institutions to feel comfortable, you've got to have a lot less of this.” The Galaxy Digital founder also recommended that cryptoasset exchanges implement more robust security for their trading platforms.

Notably, Novogratz is not the only prominent crypto industry participant who’s bullish about Bitcoin. Tuur Demeester, the founder and CEO of Adamant Capital, recently said during an interview conducted by Peter McCormack on the WhatBitcoinDid podcast that the Bitcoin price is greatly influenced by psychological factors.

Demeester explained:

If you look at the blockchain and the Bitcoin that is being moved and then compare it to the current price, you will get something that is called the unrealized profit and loss. There is an assumption that when BTC is moved it is sold, and this event is called a value realization event. It is just that the owner had the opportunity to liquidate their Bitcoin and that is why they took it.

“Investor Psychology More Inclined Towards Greed When Bear Market Sets In”

He added that the crypto market has seen “similar patterns during late 2013 and early 2014” when there was an accumulation of substantial “unrealized profits.” Demeester pointed out that the same thing happened during the summer of 2017.

Demeester stated: 

The investor psychology was more inclined towards greed and when the bear market sets in, the positive sentiment obviously decreases. Once it is in the red, retail investors walk away which is what happened in November 2018 when BTC dropped from $6,000 to almost $3,000 [by December 2018].

Hackers Hijack Major UK Supermarket’s Twitter Account to Promote Bitcoin Scam

Hackers have recently hijacked the Twitter account of a major supermarket in the UK, Tesco, and used their access to promote a bitcoin scam that saw them pose as Bill Gates to try and get users to send them BTC.

According to Bleeping Computer, the hackers compromised Tesco’s official Twitter account, which has over 540,000 followers. The hackers started urging users to send them over BTC, purportedly to celebrate the cryptocurrency’s price rise, claiming they’d double their money.

Later on, they changed the handle to @Billgatesmsc and replaced its profile picture with one of the Microsoft co-founder, before continuing their bitcoin scam attempt. While no customers appear to have fallen for the scam, Tesco briefly lost its verified status on the microblogging platform over the ordeal.

The hackers notably also replied to some Tesco customers, requesting personal information such as full names, addresses, postcodes, and more. This, while still impersonating Bill Gates. Tesco’s customers realized something was amiss, and it’s believed no one fell for the requests.

At press time, Tesco has regained control of its Twitter account, which has gotten its verified badge back. It’s unclear how the hackers managed to compromise the supermarket’s account, and the firm hasn’t issued any statements on it.

Notably, scammers trying to get cryptocurrencies on Twitter with these schemes have been around since last year. As CryptoGlobe covered, the scammers kept on hijacking verified Twitter accounts, and then used them to promote fake cryptocurrency giveaway links.

In a famous case they impersonated Tesla founder Elon Musk, and managed to rake in over $39,000 from unsuspecting victims.