RATE Group | Bitcoin Won’t Break $9,000 This Year, Galaxy Digital’s Novogratz Says
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Bitcoin Won’t Break $9,000 This Year, Galaxy Digital’s Novogratz Says

04 Oct Bitcoin Won’t Break $9,000 This Year, Galaxy Digital’s Novogratz Says

Posted at 14:10h in Bitcoin News by

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Mike Novogratz, CEO of crypto investment firm Galaxy Digital Capital Management, has again corrected his Bitcoin (BTC) price forecast. The billionaire investor said he doesn’t expect BTC to break the $9,000 barrier in 2018, CNBC confirmed Wednesday, October 3.

Novogratz, a former Wall Street manager, took part in Economist Finance Disrupted conference in New York on Oct. 2. “I don’t think it breaks $9,000 this year,” he has said from the stage.

Novogratz also linked the currently declining prices to the actions of companies in the industry who are selling crypto “just to fund the burn rate of the industry.” He stressed that these companies are not earning “anywhere near” the revenues from last year’s “crypto boom,” which means that they are barely managing to cover salaries and operational costs.

Back in Nov. 2017, when cryptocurrency prices skyrocketed, Novogratz predicted that Bitcoin could climb as high as $45,000 within 12 months.

In summer 2018, Novogratz slightly changed…

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