At the Reuters Global 2018 Investment Outlook Summit in New York, Billionaire Hedge Fund Legend and former Fortress Executive Mike Novogratz stated that institutional investors are close to adopting Bitcoin.
“When it’s that easy, the price of BItcoin or Ethereum is going to go much higher. And that is a lot closer than people think. The institutionalization of this space is coming. It’s coming pretty quick.”
$10,000 interim Bitcoin price target of Novogratz
Last month, Novogratz, who has shifted his funds and venture from the traditional finance sector to the cryptocurrency market, revealed his interim or mid-term price target of Bitcoin at $10,000.
The basis of the price target of Novogratz was established by several indicators including the Metcalfe’s law, a widely acknowledged metric which has been utilized to measure the growth rate of communication networks like Facebook, and the likelihood of the entrance of institutional investors and retail traders into the cryptocurrency market.
Over the past week, Bitcoin price has been extremely volatile, primarily due to the abrupt cancellation of the SegWit2x hard fork and the rise in popularity of Bitcoin Cash, which has become the main beneficiary of the SegWit2x hard fork termination.
But, Bitcoin price has been recovering with optimism surrounding CME Group’s launch of a Bitcoin futures exchange and the infrastructure Wall Street hedge funds, investment firms and exchanges have been building around Bitcoin to provide more liquidity to large-scale investors.
Earlier today on Nov. 14, Multicoin Capital Managing Partner Kyle Samani revealed that he had met with an institutional investor with a $30 bln fund. The investor disclosed the fact that fund managers within the company are restricted to issuing checks with the minimum value or $300 mln…