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Mike Novogratz

Bitcoin Fever Captures Crypto Market: Here Are The Top 5 Predictions For 2021

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Bitcoin is currently on a historic run above the $10,000 milestone – as we can see on cryptocurrency data platform CoinCheckup, BTC recently hit a new all-time high at just under $20,000, and there is no shortage of bullish sentiment in the cryptocurrency markets. Alternative crypto assets like Tron have also benefited significantly thanks to the Bitcoin rally.

Even though nobody can say for sure what will happen in 2021, many experts agree that it could be an amazing year for the world’s largest cryptocurrency. Let’s check out 5 Bitcoin price predictions for 2021 to get a better idea of where analysts and notable crypto community members are placing their targets.

Bloomberg analysts say $50,000 could be a good target for Bitcoin in 2021

Financial media and data company Bloomberg recently published a report analyzing the current outlook for the cryptocurrency market. According to the analysts, Bitcoin is likely to »maintain its propensity to advance in price into 2021«, and could rise all the way to $50,000. The report noted that 2020 has been a crucial year for the mainstream adoption of Bitcoin, and helped establish $10,000 as a key support level for BTC. The analysts also stated that the macroeconomic environment is favorable for Bitcoin. If BTC does indeed reach a $50,000 price tag, its market capitalization will be around $1 trillion.

Raoul Pal – Bitcoin could reach as high as $250,000 in a year

Raoul Pal is a macro investor who previously worked as an executive at investment banking giant Goldman Sachs. Pal, who currently runs Real Vision, says that Bitcoin has the potential to appreciate to a whopping $250,000 per coin in 2021. In an interview, Pal said such a price target is made possible by the massive sums of money that are currently entering the BTC markets thanks to institutional investors. Pal noted a significant imbalance between supply and demand in the Bitcoin market, and saying that the devaluation of fiat currencies caused by monetary stimulus will result in even more investors choosing to park their money in Bitcoin.

Willy Woo – $200,000 is a »conservative« target for Bitcoin in 2021

Willy Woo is a Bitcoin investor and on-chain analyst known for his fascinating models and charts that implement data sourced directly from the Bitcoin blockchain. In a Twitter thread summarizing his thoughts on what we can expect from Bitcoin in 2021, Woo noted:

»My Top Model suggesting $200k per BTC by end of 2021 looks conservative, $300k not out of the question. The current market on average paid $7456 for their coins. You all are geniuses.«

Woo also pointed out a decrease in BTC balances held on cryptocurrency exchanges as another bullish factor. He pointed out that this trend is currently much stronger than what we saw during the 2017 cryptocurrency market cycle

Mike Novogratz – Bitcoin will hit $55,000 – $60,000 by end of 2021

Mike Novogratz is a Wall Street veteran who has made a huge pivot into cryptocurrency and is now known as one of the most influential cryptocurrency investors. According to Novogratz, Bitcoin is poised to reach between $55,000 and $60,000 in 2021, and the rally will be driven by institutional investors and the macroeconomic environment plagued by accelerated money printing.

Anthony Pompliano – Bitcoin can reach up to $250,000 in 2021

Anthony Pompliano is a cryptocurrency investor at Morgan Creek Digital, and has one of the strongest social media presences in the cryptocurrency community. In one of his newsletters, Pompliano stated that the Bitcoin price could reach $250,000 in 2021, which would be the »bull case«. He also described a more conservative »base case«, in which Bitcoin hits $100,000 during the next year. As with most other Bitcoin investors, Pompliano cites the unprecedented macroeconomic environment as being fertile ground for further Bitcoin gains. According to Pompliano, it’s far from too late to invest in Bitcoin despite the fact that BTC has already displayed incredible gains in its decade-long history:

“Many investors will look at the historical price increase of the digital asset and believe they “missed it.” That could not be further from the truth in my opinion. I believe we are at the start of another boom cycle in Bitcoin, which is likely to drive us 10-20x higher in the 15-month window.”

  Conclusion

While many of the price targets we covered in the article may seem overly ambitious, Bitcoin has a long history of exceeding expectations. Do you think it’s likely for Bitcoin to reach $100,000 and above or do you have more conservative expectations of what 2021 will bring for the BTC markets?

 

“ICOs Gave Crypto A Bad Name,” Says Bitcoin Bull Mike Novogratz

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The decentralized wing of the crypto-verse has taken over the community. Despite the increase in the scammy projects, DeFi has continued lounging under the crypto-spotlight. While several pointed out that the DeFi boom was nothing but a bubble in formation, the space garnered funds in large numbers. Appearing in a recent interview, the Chief Executive Officer of Galaxy Investment Partners LLC, Mike Novogratz elaborated on the fervor around DeFi.

“It’s Kind Of Gamifying Money”

It isn’t news that the latest DeFi boom was compared to the 2017 ICO bubble. Several of the DeFi platforms and DeFi tokens were seen as a means of becoming rich as soon as possible. Novogratz continued to stress the comparison between ICOs and DeFi and suggested that ICOs had previously given a bad reputation to the cryptocurrency industry and that Ponzi-like coins were seen pouring into the market.He added,

“It’s kind of gamifying money. There are still lessons we are going to get out of that, but it’s not great for the ecosystem.”

Yield farming became a huge hit amongst investors looking to acquire increased returns.  At present, the entire DeFi market has more than $10 billion locked in it. While several have started noticing a surge in fraudulent projects, a few others continue to invest in them. However, Novogratz believes that DeFi could give banks a run for their money and he suggested that DeFi “is not a fraud, not something that’s going to come and go.” Most of the DeFi platforms offer lending and borrowing services. With transparency and decentralization as its main motive, DeFi has evidently lured in an increased number of people.

During the time of writing, a total of $10.95 billion was locked in the DeFi space. Prominent decentralized exchange, Uniswap had recently surpassed $2 billion and was touted as the first DeFi platform to do so. Maker was seen right behind Uniswap at $1.92 billion. The former looked like it was soon joining Uniswap in the $2 billion club. As the zeal around these projects continue, Novogratz added,

“It was a frenzy, people got a little bit silly,”

Additionally, Novogratz revealed that 5% of his capital was invested in DeFi through ParaFi Capital, where Galaxy is a minority shareholder.

Bitcoin and Ethereum Are Here to Stay After 2020: Mike Novogratz

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Bitcoin and Ethereum may have faced extended periods of uncertainty in 2020. From the breathtaking rally in January-February 2020 to the unforeseen collapse in March 2020, and now, on the cusp of triggering a bull run, the top two assets were faced with significant curveballs thrown in their direction.

With major proponents within the industry and outside professionals such as Paul Tudor Jones supporting Bitcoin and other altcoins, Mike Novogratz stated that 2020 could possibly be the most important years for digital assets.

Speaking to Bloomberg, the Galaxy Digital Holdings Founder and CEO stated that the crypto ecosystem has benefited immensely in the current economic landscape with a perception of fixed zero interest rates, while the central banks have been trying to jam liquidity in the market. With a positive sentiment settling in, both Bitcoin and Ethereum have been to register stellar performances from a price perspective.

Additionally, Novogratz added about the speculative trading of DeFi and admitted he had never seen such liquidity pumping in such speculative projects but drew similarities to the prospect of Tesla in early 2019. Calling it a ‘speculative frenzy’, he believed it was still early days in DeFi and the astronomical growth did worry him a little bit.

With respect to the new coins and DeFI coming up and incurring interest from the rest of the market, Novogratz stated that it was a little reminiscent of the 2017 bubble when ICOs were attracting new investors and liquidity frenzy was taking place. However, he said,

“I think DeFi is going to be around longer. They are building infrastructure but we are in a sandbox that is getting filled with liquidity at the moment, and traders have to be very careful.”

Bitcoin prices are up due to Institutional Buyers

With regards to Bitcoin, Novogratz stated that the BTC’s price has been higher due to the institutional buyers who have a high net worth, hence they have been able to consolidate higher up in the charts. These buyers are coming in ‘methodically’ and accumulating while foreseeing profits in the long-term, unlike Ethereum where DeFi enthusiasts are flooding in for a possible short-term gain.

Finally, Novogratz concluded that digital assets like Bitcoin, Ethereum are definitely not going away after the year they had in 2020. Bitcoin as a store-of-value might be a ‘finished product’ according to the Galaxy Digital CEO but he prediction further innovation with other digital asset projects.