Bitcoin bull and founder of crypto merchant bank Galaxy Digital is of the opinion that the cryptocurrency’s upward trend is only getting started and has much more room ahead.
Speaking to CNN during the SALT Conference in Las Vegas, Novogratz said that after crossing the $6,000 level, the next target point will be $10,000.
$6,000 probably is a stall point. We take out $6,000 the next one is $10,000. Would I be happy if we ended the year at $10,000? Certainly, I would!
Bitcoin price revisits record high in 2021
Novogratz also sees a possibility of bitcoin hitting the old record highs in less than two years:
Broadly we should go back to the old highs [$20,000] sometime in the next 18 months.
Galaxy Digital’s CEO, however, warned that this time round altcoins will not necessarily rally just by virtue of being cryptocurrencies. For them to rally, Novogratz pointed out, they need to prove their usefulness:
The other coins, Ethereum being the next biggest, Ripple… they have to prove use case … that means getting people into their community, getting developers and programmers and being worthy of something.