After a few weeks break, Bitcoin prices have started to rise again and industry experts are speculating where the value will reach before the Bitcoin bubble bursts.
A former manager at $72 billion investor Fortress, Michael Novogratz, thinks that the value of Bitcoin will continue to rise until it reaches $10,000. He said to CNBC,
“It would not surprise me if, in the next six to 10 months, we’re over $10,000,” At the time of writing this, Bitcoin is being traded for $5,626.25.
Individuals and Organizations are moving forward to invest in Bitcoin. Bitcoin is a polarising phenomenon, either people love it or hate it yet they can’t ignore and stop talking about it.
We have seen high profile CEOs of investment banks and technology industry figures talking about it. Mark Cuban, the tech billionaire, recently stated that he has investments in cryptocurrency and believes that blockchain and token sale phenomenon is the future. Bitcoin has received, somewhat, positive response from Morgan Stanley and Goldman Sachs CEO as well.
Novogratz added, “Yes, It is a bubble. It’s [Bitcoin] going to be one of the great manias of all time.”
He explained that bubble happens around things that are game changers. Right now we are not sure about blockchain and cryptocurrency but it is going to be everywhere in the next 15 years.
In short term, Bitcoin is expected to hit all-time $6,000 in a few weeks time.