The cryptocurrency markets are currently in the green, with Bitcoin once again approaching the $7,000 line. However, notorious Bitcoin bull and CEO of crypto merchant bank Galaxy Digital, Mike Novogratz, believes it has more to give. In fact, Novogratz is now saying he may “hang up his spurs” if Bitcoin doesn’t hit $20,000 this year.
Could Mike Novogratz quit crypto?
This sensational news came in an April 2nd interview with CNBC’s Closing Bell segment. In the interview, Novogratz was blunt about his opinion on Bitcoin. According to him, the price of Bitcoin will surge under the coming months.
For example, Novogratz suggests that the price of Bitcoin will “at least” double before October of this year. Although Novogratz is known to be a bullish advocate of Bitcoin, he also said that he might give up on Bitcoin if his predictions are wrong.
Specifically, the Galaxy Digital CEO said that this is the right time for Bitcoin price increases. As such, he notes that he might retire from the crypto space if Bitcoin’s price does not reach its all-time high of roughly $20,000 by year-end:
“This is the year of Bitcoin and if it doesn’t go up now by the end of the year, I might just hang my spurs.”
Will Bitcoin reach $20,000 in 2020?
This notion that 2020 could be “Bitcoin’s year” is nothing new. Instead, analysts are consistently guiding for massive possible price increases in the wake of the 2020 Bitcoin halving. Many observers point out that this is now just weeks away, as it will happen in May.
Novogratz is notorious for his bullish Bitcoin comments, but he is not the only one optimistic about the future. For example, the famously cautious analyst Tone Vays is now abandoning his bearish Bitcoin outlook for a more positive one.
However, that Bitcoin will reach its all-time high in 2020 is far from a given. In fact, a recent study of options market data suggests Bitcoin has a meager 4% chance of reaching its all-time high of $20,000 this year.
This means that Novogratz’ prediction clearly conflicts with this 4% prediction. As such, it will be interesting to see exactly how the price of Bitcoin continues to perform. What’s more, it will be just as interesting to see whether Novogratz truly will “hang up his spurs” if his price prediction is wrong.
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the blockchain industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.