Crypto News: A former hedge funder thinks bitcoin will hit $10,000 in 6-10 months and be 'one of the great manias of all time'

The Bitcoin bubble will continue blowing up until it inevitably pops, according to Michael Novogratz, a former manager at the $72 billion investor Fortress.

"It would not surprise me if, in the next six to 10 months, we're over $10,000," Novogratz told CNBC on Tuesday. Bitcoin traded near $4,823 per dollar at 11:31 a.m. ET on Monday, up 657% for the year.

At a recent meeting with institutional investors in San Francisco, he realized the "herd" was approaching to cash in on the booming demand for cryptocurrencies. The CEOs of major investment banks including Morgan Stanley and Goldman Sachs have recently commented publicly on bitcoin.

Novogratz is starting a $500 million crypto fund that invests in bitcoin, ethereum, and initial-coin offerings.

Full story at http://read.bi/2yKyoIU

Source: Business Insider Nordic

 

 

 

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