Cryptocurrency Market Cap to Reach $2 Trillion in 2018: Mike Novogratz

Billionaire trader and longtime cryptocurrency bull Mike Novogratz has predicted that the total crypto market cap will reach $2 trillion by the end of 2018.

Mike Novogratz: Crypto Market Cap to Hit $2 Trillion in 2018
The Galaxy Investment Partners founder made this prediction on the Monday episode of CNBC’s Fast Money, explaining that while he would not be surprised to see a short-term pullback after this quarter’s incredible rally, he believes the market’s long-term fundamentals are sound and deserve a bullish posture.

“I have a sense that this is going to go a lot further. When I try to think of valuation, bitcoin really has taken the use case of digital gold,” he said, estimating that bitcoin would need to increase another 30 to 50 times to reach parity with gold capitalization.”

Several weeks ago, Novogratz had predicted that the bitcoin price would reach $10,000 before the end of the year. Although it had yet to reach that mark by the time of writing, the bitcoin price appears positioned to punch through that barrier at any moment. In fact, it has already done so on South Korean exchanges, which tend to trade at a $100 to $200 premium over the global average price.

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