Bitcoin
$13,254.50 -3.63%
BTC · 159w

Bitcoin heading over $10,000 in six to 10 months, former Fortress hedge fund manager says

Although he says digital currencies like bitcoin show signs of forming a bubble, former hedge fund manager Michael Novogratz is going all-in.

The former Fortress Investment Group manager says he's been investing in bitcoin and its underlying blockchain technology for a while and sees bitcoin's price rising to over $10,000 in the next six to 10 months, largely because of heavy investor interest. Bitcoin was up 2.1 percent on Tuesday, to $4874.15 as of 5 p.m. ET, according to CoinDesk, and has surged in value this year.

"I can hear the herd coming," he said during an appearance after market hours Tuesday on CNBC's "Fast Money." He likened bitcoin to digital gold.

Novogratz is starting a $500 million fund to invest in cryptocurrencies, initial coin offerings and related companies. He put $150 million of his own money into Galaxy Digital Assets Fund and plans to raise the rest from outside sources by January, mainly from wealthy individuals and families and fellow hedge fund managers.

He told Bloomberg Television last month that digital currency like bitcoin is "going to the be the largest bubble of our lifetimes." JPMorgan Chase CEO Jamie Dimon last month called bitcoin a "fraud" and said he would fire anyone at his bank for trading it.

But whether bitcoin lasts or eventually gets replaced by the next new thing, the underlying blockchain technology is probably here to stay, he said. "Blockchain will change the way we live," he said. "This is not going away."

Go to cnbc.com
Recent news
BTC -3.63% · exscudo.com · 8h

Bitcoin Mining: Beginner's Guide

Learn everything you need to know about Bitcoin mining. What it is, how is it done and is it worth starting in 2020? Find out in this article.
BTC -3.63% · bitcoinops.org · 15h

Bitcoin Optech Newsletter #121

This week’s newsletter describes the disclosure of two vulnerabilities in LND and includes our regular sections with summaries of popular questions and answers from the Bitcoin StackExchange, announce...
BTC -3.63% · citadel21.com · 20h

Why The Yuppie Elite Dismiss Bitcoin

A second characteristic of yuppies also helps ensure that this heuristic label is not easily revised: as smart people who are good at navigating the world, yuppies need to understand something in ...