Speaking at a recent conference, Wall Street tycoon Mark Novogratz predicts that Big Money is headed to the cryptocurrency space, and it could very well lift Ethereum “much higher.”
If you aren’t familiar with Novogratz, here’s a quick bio.
He is a billionaire whose fortune was made on hedge funds, most iconically at Fortress Investment Group LLC (NYSE: FIG). In the last year, he’s grown interested in cryptocurrencies. So much so that he invested 10% of his wealth in the crypto space.
Also, Novogratz founded a hedge fund dedicated to investing in cryptocurrencies. He obviously believes there is tremendous potential in this investment class, which is a point he hammered home at the Reuters Global 2018 Investment Outlook Summit.
Imagine that you can pick up the phone and order a Bitcoin trade. “When it’s that easy, the price of bitcoin or ethereum is going to go much higher,” said Novogratz. “And that is a lot closer than people think.” (Source: “Institutional investors close to adopting bitcoin, says ex-Fortress executive Novogratz,” CNBC, November 13, 2017.)
Put another way, Novogratz thinks that Big Money is headed towards the cryptocurrency space. And judging by the overall crypto market cap, I see his point.
Cryptocurrencies have risen more than 116% since their three-month lows. The current market cap is around $219.7 billion, far above what most analysts were predicting in the middle of the summer, or even September.
In fact, my prediction of $215.0 billion by the end of 2017 seems tame compared to reality. It was not bullish enough. Nevertheless, the important takeaway is that Ethereum prices are benefitting from this macro trend.
The Ethereum to USD exchange rate rose from $328.24 to $336.68 in the last 24 hours, an increase of 2.57%. That said, the Ethereum to Bitcoin rate fell 4.56% to 0.04804360 BTC.
Daily Ethereum Chart
We strongly agree with Novogratz’s sentiment on ETH prices. As such, we maintain our position that ETH is headed first to $400.00, then to our $1,000 Ethereum price forecast.
Source: Price Confidential