Novogratz sees the bitcoin hit the forty thousand dollars in a few months
The Bitcoin will reach $ 40,000 within a few months
Michael Novogratz, an old veteran of the Wall Street stock exchange and popularly known in the cryptocurrency environment as a loyal investor, said on Tuesday he would sell Litecoin after its increase.
I do not think he has the same legs that bitcoin would have. I would sell it here and now instead of buying bitcoin
Novogratz is now CEO of Galaxy Investment Partners and said on Tuesday the company is launching its cryptocurrency fund later this week. News that Novogratz was launching a $ 500 million cryptocurrency fund broke for the first time in late September.
"The best investments of a long plan have been these exchanges, exchanges are printing money right now," Novogratz said.
Litecoin rose 59.5 percent during the day to a record high of $ 341.72, more than 7,700 percent this year, according to CoinMarketCap. At one point, Litecoin increased by more than 70 percent in the last 24 hours. The website showed that the digital currency had a market value of $ 18 billion, ranking fourth behind bitcoin, ethereum and bitcoin cash.
A key differentiator between litecoin and bitcoin is the transaction cost. The average transaction rate for litecoin on Monday was approximately 7.9 cents, versus $ 14.17 for bitcoin, according to BitInfoCharts.
However, Novogratz said it expects Bitcoin's profits to accelerate. "I think at this rate it could reach $ 40,000 between two and three months," he said, noting that the only risk is that the rise in prices will generate too much negative attention from regulators.
Jay Clayton, president of the US Securities and Exchange Commission The United States warned in a lengthy statement on Monday about the dangers of investing in cryptocurrencies and initial offers of currencies.
Meanwhile, some of the world's largest futures exchanges are eager to launch bitcoin futures. Cboe became the first major exchange to do so on Sunday, and CME will launch its own product next Sunday.
Institutional investors "are not" absolutely "invested in cryptocurrencies yet, but they are watching them closely," Novogratz said.
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