Michael Novogratz: Bitcoin is consolidating in the range of $ 7000- $ 10,000

Billionaire investor and founder of the cryptocurrency bank of Galaxy Digital Mike Novogratz is confident that the price of Bitcoin is consolidating in the range from $ 7,000 to $ 10,000.

"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," said a former Goldman Sachs partner during a conference call dedicated to quarterly indicators of the company.

Novogratz believes that the current Bitcoin rally triggered by the massive adoption of cryptocurrencies, as well as the growing interest in the market from Wall Street and technology companies. In particular, Microsoft's use of the blockchain for identity management and rumors of a Facebook cryptocurrency project have a positive effect on the perception of the cryptocurrency industry. 

"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," 

Novogratz said.

During the "crypto-winter" of 2018, Novogratz's company lost about $ 272 million, but even then, the billionaire gave optimistic forecasts and claimed that the adoption of cryptocurrency would become universal. His prediction turned out to be true, crypto market restored. Other cryptocurrencies also increased in price, including Ethereum, which has yet to catch up.

"Ethereum has a long way to go to correctly implement its technology," 

said Novogratz.