Galaxy Digital CEO Mike Novogratz argued that institutional interest would push Bitcoin (BTC) price back to its all-time highs of $20,000 before the end of 2019. Novogratz delivered his comments in an interview with Bloomberg on July 25.
Speaking about where Bitcoin price will be going by the end of the year, Novogratz recalled the coin’s significant move from $4,000 to almost $13,500, further projecting that the price will likely consolidate in the range between $10,000 and $14,000. Novogratz thus reiterated the prediction he made in late June.
He said that once institutions show increased interest in the cryptocurrency again, the industry will possibly see Bitcoin price pushing back to $20,000 by the end of 2019.
It is all about user bases
Galaxy Digital CEO also commented on Facebook’s long-awaited Libra stablecoin and Telegram’s forthoming token TON. Novogratz stressed that the most exciting thing about Libra is that Facebook has over 2 billion users who would start experimenting with the coin, while the hardest part of any business is to attract customers. Novogratz said:
“In about two or three months Telegram is launching their blockchain. Telegram is about 218 million users. So before Facebook launches we are going to have a real view at an experiment called Telegram, where they also have a user base.”
In June, Novogratz argued that “the Libra association will have a hundred votes, so it will be distributed. Maybe not decentralized. They plan on decentralizing over time. [...] What is tricky is the Facebook wallet which is where they will make their money. It will probably be a large part of commerce that is done on that blockchain.”
Galaxy Digital goes for IPOs
Meanwhile, Galaxy Digital has procured approval from the Financial Regulatory Authority (FINRA) to conduct initial public offerings (IPOs) for cryptocurrency companies. Ian Taylor, Head of Advisory Services for Galaxy Digital, said:
“We now have the ability to finance digital asset and blockchain technology companies through their entire life cycle — from founding, through private capital raisings, to their initial public offering and beyond.”