Prosperous investor Mike Novogratz speculates that bitcoin may be worth $ 100,000 by the end of 2021 and sees value increase fivefold by 2024 as the emerging crypto market continues to develop and grow. But first, the industry may experience a bit of a short-term bill.
The CEO of Galaxy Digital GLXY,
and prominent crypto advocate said that much euphoria was generated by the Coinbase COIN,
IPO, however, warned that the market would be in for a ‘washout’. He pointed to the fervor for alt-currencies – or alternatives to bitcoin – such as dogecoin and XRP XRPUSD,
the sign that runs on the Ripple Labs protocol, before the offer from Coinbase.
“In the next week, we can definitely be volatile due to the excitement surrounding Coinbase,” the former Goldman Sachs GS said.
said a partner during the second week of a series of Investing in Crypto Virtual Opportunities hosted by MarketWatch and Barron’s.
“I’ve seen a lot of weird currencies like dogecoin and even XRP have big retail spikes, which means there’s a lot of madness right now,” Novogratz said. “It never ends well, so we’ll probably flush it out at some point,” he said of the broader market.
That said, Novogratz generally remains bullish on Bitcoin and Coinbase, saying he views the Coinbase exchange as “monumental” to the crypto industry.
Coinbase closed more than 30% of its $ 250 reference price on Wednesday, reaching a market value of more than $ 100 billion at some point. It closed at $ 328.28, down from its intraday peak at $ 429.54.
Prior to the Coinbase listing, bitcoin BTCUSD,
hit a record high of about $ 65,000 and the value of dogecoin rose to a record high of more than 10 cents, which is a daily surge of more than 20% for the digital asset created in 2013 as a joke currency and became a share in the social media community.
Meanwhile, XRP coins have risen 88% so far this week.