Nobel Laureate Romer on Cryptography, Innovation in Future of Money
Michael Novogratz doesn’t expect Bitcoin’s price declines to deepen much more, despite a dismal run for virtual currency investors in 2018.
The price of Bitcoin is likely to stay between US$3,000 and US$6,000 in the foreseeable future, said Novogratz, chief executive officer of cryptocurrency merchant bank Galaxy Digital Holdings Ltd., in an interview on Bloomberg Television on Tuesday.
The digital asset has fallen about 75 per cent this year, leaving behind its December 2017 run-up. Bitcoin was trading at about US$3,530 at 11:16 a.m. on Tuesday. The crash in crypto prices has dampened some of the enthusiasm that bubbled up around virtual currencies last year.
Novogratz said that, despite the bubble bursting, Bitcoin is likely to endure as a store of value.
“This is a mania built on something real,” Novogratz said. “I am certain we will have a digital store of wealth. I think it will be Bitcoin.”