Bitcoin price predictions keep streaming in with the latest one being from Galaxy Digital’s Mike Novogratz. Novogratz is a crypto enthusiast and major investor who has a loud voice in the space and isn’t shy when it comes to making price predictions. This time Mr. Novogratz is of the opinion that it is only a matter of time till Bitcoin flies to the $65,000 mark.
Low supply-high demand
Novogratz’s reasoning is that the BTC price will explode because of a combination of low supply of the token and high demand. His reasoning is not outlandish by any stretch of the imagination if you take a close look at current events. A global pandemic has left economies struggling and fiat currencies are losing ground to inflation. The world’s base currency (USD) is under pressure and its supply may just increase if the FED goes ahead to print more in response to the effects of the pandemic.
Increased inflation means a fiat currency that investors don’t want to hold onto much longer. Bitcoin demand will, therefore, go up due to its growing reputation as a “safe haven”. Some experts argue that the current BTC rally is because of this very reason. Mike Novogratz’s assertion, therefore, may be quite spot on. The popular investor has also been known to encourage people to buy BTC in the open.
To buy or not to buy?
BTC’s recent price activity has led to actress Marie William’s conducting a Twitter poll that attracted the attention of some famous people. Tesla CEO Elon Musk was among those who participated and Novogratz was quick to comment.
“I bought more BTC last night at 15,800. It’s going to 20K and (then) to 65K. The network effect has taken over. I see tons of new buyers and there is very little supply. It’s an easier trade here (than) at 11K. So YES, buy it”.
With 10 hours left of the poll, 47 per cent of those who participated supported a long position for BTC. The almost neck to neck polling of 750,000 people speaks to a growing number of people gaining trust in the Blockchain. Novogratz’s prediction joins a whole host of others from the likes of Tim Draper and the super bullish Winklevoss twins.
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