In Investment News

Michael Novagrats speculated that the value of Bitcoin is likely to rise to $10,000 USD by the middle of 2018. It’s no secret that Bitcoin has become one of the most lucrative cryptocurrencies for investors and the progenitor of one of the most controversial and exciting developments in Free Market theory and practice in recent memory. As of now, the value of Bitcoin stands at $5,904.03 USD.

Novagrats was the principal at the investment firm Fortress before retiring. He has come out of retirement to start the $500 million dollar hedge fund Galaxy Digital Asset Fund that is dedicated solely to the investment of cryptocurrencies. He will be adding $150 million of his own money to the fund, with the rest being supplied by other investors.

Bitcoin is a Bubble, but the Mania is Justified

Novagrats said that Bitcoin is a bubble, but the excitement concerning Bitcoin was justified. This is due in large part to the fact that Bitcoin, and the blockchain technology on which it is based, is a major disruptive technology, that can fundamentally changed our lives. In fact, blockchain technology is now being considered by the automotive industry for a number of purposes, including protecting the supply chain of their parts.

Says Novagrats:

“I never thought I’d come out of retirement but the space is so exciting right now I decided to build a business, hire a whole bunch of smart guys, and we’re gonna to raise a fund … and hopefully take advantage of what I see as a revolution, actually. A decentralised revolution.”

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