Wealthy investor Mike Novogratz speculates that bitcoin could be worth $ 100,000 by the end of 2021 and sees the value increase fivefold by 2024, as the nascent cryptocurrency market continues to evolve and grow. But first, the industry may face a little short-term calculation.
CEO at Galaxy Digital GLXY,
and a prominent crypto supporter said a lot of euphoria was generated by Coinbase COIN,
IPO, but warned that the market could be reserved for “a wash”. He pointed to the fervor for other currencies – or alternatives to bitcoin – such as dogecoin and XRP XRPUSD,
the symbol running on the Ripple Labs protocol, before the Coinbase offer.
“Next week, we could certainly have some volatility because of the enthusiasm around Coinbase,” the former Goldman Sachs GS,
said the partner during the second week of the series of virtual events Investing in Crypto hosted by MarketWatch and Barron’s on Wednesday.
“I’ve seen a lot of weird currencies like dogecoin and even XRP have huge retail peaks, which means there’s a lot of frenzy right now,” Novogratz said. “It never ends well, and so we’ll probably have a wash at some point,” he said of the wider market.
That being said, Novogratz remains optimistic about bitcoin and Coinbase as a whole and said he considers Coinbase’s IPO to be “monumental” to the crypto industry.
Coinbase closed more than 30% of the $ 250 reference price on Wednesday, reaching a market value of more than $ 100 billion at one point. It closed at $ 328.28, outside its intraday peak, at $ 429.54.
Prior to listing Coinbase, bitcoin BTCUSD,
reached a record of nearly $ 65,000, and the value of the dogecoin rose to a record of over 10 cents, representing a daily increase of over 20% for the digital asset that was created as a joke bank in 2013 and became a meme in social media community.
Meanwhile, XRP coins have risen 88% so far this week.