Bitcoin Cracks $10K, but the Party Doesn’t Last

Asset could hit $40,000 in 2018, Novogratz says.

Regardless of their stance on cryptocurrency, believers and skeptics alike saw Bitcoin complete projections, as its value rose to $10,000 per coin just past 8 p.m. Tuesday night.

Throughout the week, Bitcoin flirted with the figure, dancing between $9,000 and inches below $10,000 from Sunday to Tuesday, before ultimately breaking the five-figure barrier in the evening.

The asset class would not stop once it hit its target proposed in October by Michael Novogratz, a former macro hedge fund manager at Fortress Investment Group, shooting past $11,000 this morning.

The record spike didn’t last long, as Bitcoin believers sold off some of their assets, sending the digital class in and out of the five-figure spot throughout the afternoon. At the time of this writing, Bitcoin is trading in the upper $9,000 range.

Novogratz, who is planning to launch a $500 million digital assets fund through his new firm, Galaxy Investment Partners, predicted Bitcoin’s value to quadruple by the end of next year.

“Bitcoin could be at $40,000 at the end of 2018. It easily could,” he told CNBC’s Fast Money on Monday. “Ethereum, which I think just touched $500 or is getting close, could be triple where it is as well.”


Tags: , ,