Rich investor Mike Novogratz speculates that bitcoin could be worth $ 100,000 by the end of 2021 and sees the value multiply by five in 2024, as the nascent cryptocurrency market continues to evolve and grow. But first, the industry may face some short-term calculation.
The CEO of Galaxy Digital GLXY,
and a leading proponent of cryptography said that Coinbase COIN has generated a lot of euphoria,
IPO, but warned that the market could be ready for “a wash.” He noted the fervor for high currencies (or alternatives to bitcoin), such as dogecoin and XRP XRPUSD,
the token running in the Ripple Labs protocol, ahead of the Coinbase offering.
“Next week, for sure we could have some volatility due to the excitement around Coinbase,” the former Goldman Sachs GS said,
said the partner during the second week of a series of virtual events Investing in Crypto hosted by MarketWatch and Barron’s on Wednesday.
“I’ve seen a lot of weird currencies like dogecoin and even XRP have huge retail picks, which means there’s a big frenzy now,” Novogratz said. “This never ends well and therefore we will probably have a wash at some point,” he said of the wider market.
That said, Novogratz remains bullish on bitcoin and Coinbase in general, and said he believes Coinbase’s IPO is “monumental” to the crypto industry.
Coinbase closed more than 30 percent of its $ 250 reference price on Wednesday, hitting a market value of more than $ 100 billion at one point. It closed at $ 328.28, off its intraday peak, at $ 429.54.
Before the Coinbase, bitcoin BTCUSD list,
reached a record of about $ 65,000 and the value of dogecoin increased to over 10 cents, representing a daily increase of more than 20% of the digital asset that was created as a joke currency on 2013 and which has become a meme of the social media community
Meanwhile, XRP currencies have risen 88% so far this week.