By Alex Mednick
No one has ever claimed that the world of crypto is uneventful. Just ask Michael Novogratz.
The investment world veteran has been busy over the past month or so dropping quotes regarding his projections for the cryptocurrency. In early May, after a jump from ~$5,000 to ~$9,000, Novogratz shared his belief that bitcoin’s price will surge to $20,000 over the next 18 months. Then just last week, he reigned in his optimism slightly, claiming that bitcoin’s near-term outlook will likely consolidate in the $7,000-$10,000 range.
So what changed in the mind of the Galaxy Digital founder and CEO?
Well, not much actually. Novogratz hasn’t backed off of his long-term expectations for bitcoin. It simply seems that he has re-evaluated the market over the past few weeks and sees the potential for a modest tapering of the recent boom. However, he is quick to admit that he wouldn’t mind being wrong.
“You know, trees don’t grow to the sky,” Novogratz said during a conference call discussing his company’s Q1 performance. “If I’m wrong on that, I think I’m wrong to the upside, that there’s enough excitement and momentum that it could carry through.”
The “excitement and momentum” can be traced to gradually increasing mainstream acceptance, and Novogratz posits that Microsoft and Facebook’s exploration into crypto waters will only further bolster the cause. Microsoft is building an ID platform on the Bitcoin blockchain while Facebook is poised to launch its own cryptocurrency for payments, GlobalCoin. The two tech giants’ credentials undoubtedly add heft to the legitimizing of crypto in the public’s mind.
“We have gone from, you know, crypto as an experiment, is it real? Is it tulips? To crypto is going to be a substantial part of the financial and consumer infrastructure of the world,” said Novogratz.
So while you may see a plateau in bitcoin’s price in the very near future, there are more than enough signs that support Novogratz’s sentiments. It’s extremely reasonable to see how crypto’s growing acclimation within popular culture can propel it to exciting heights.
Fear of the unknown is a natural, powerful human feeling. This is indisputable. But you should be only more and more encouraged about the future of bitcoin and other cryptocurrencies with each sector of everyday life revealing themselves to be supporters.
Getting in on bitcoin during a possible stall in price could prove to be a pivotal one. The decision that you look back on years from now as the one that allowed your retirement to play out exactly how you wanted. The difference between content and Caribbean. The two could be an ocean apart in your mind. Or rather a sea.
We pride ourselves on being experts in the Self-Directed IRA field, providing you with all the help you need to invest your retirement funds in whatever you find most sensible. Often times experts have the answers to your questions. If not, they seek the answers from experts in the area where they are not quite as knowledgeable.
Michael Novogratz is absolutely regarded as an expert in crypto, and his opinions loom large over the industry. We can answer your questions on how to invest your retirement in crypto, he can answer your questions on whether or not to actually do so. His continual media appearances and public comments on crypto news are easy to find, and easy to interpret.
Trees may not grow to the sky, but you still have to look WAY up to see their tops.
Bitcoin is here to stay, and its impact, as with its viability as an investment, is only growing.