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Mike Novogratz restated that he believes Bitcoin will end 2017 over $10,000 per coin.

That is right, "restated".

He first called for $10,000 bitcoin over a month ago when he said that he thought with all the positive developments in the space, we would probably see $10,000 bitcoin within the next 6 to 8 months.

That prediction was made when bitcoin was trading around $5,000... which is much more impressive than stating it when it is trading around it's current $8,300 number.

The change in his prediction to "end of this year" is a testament to just how bullish bitcoin has been of late.

His time frame changed from 6-8 months all the way down to 2 months.

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If the name Mike Novogratz sounds familiar, it's probably because you heard about him starting a rather large cryptocurrency hedge fund in the near future.

The fund is called the Galaxy Digital Asset Fund and is set to launch in early 2018.

I actually wrote about the fund a while back here:

https://steemit.com/cryptocurrency/@jrcornel/usd500-million-dollar-crypto-hedge-fund-on-its-way

The fund is expected to be backed in large part by Mike Novogratz himself and will hold roughly $500 million in assets.

An amount which would make it the largest cryptocurrency focused hedge fund in the world.

The fund states it wants to invest mostly in start ups and ICOs, however, it will also take large stakes in existing technologies and currencies as well.

The interesting thing is that if this fund employs typical hedge fund leverage (something like 5X), we could be looking at his fund alone representing $2.5 billion worth of investments coming in during the first quarter of 2018.

Combine that with these new futures and options products being launched by the CME and the CBOE and we could possibly see something where demand greatly outstrips supply for these things and we could have a major moon shot.

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The perfect storm?

One of my favorite analysts on the street (Tom Lee) is calling for $25,000 bitcoin by 2022, but he said he thinks with the right setup we will likely see a major overshoot of that number before prices eventually settle back in around that number.

What kind of setup and overshoot is he talking about?

Well, Mr. Lee said that with the perfect storm of major institutional money coming in all at once, we could see something like $60,000 or $70,000 bitcoin on an overshoot fomo rally.

Think about what that might mean for the price of steem?

The interesting thing about that statement is that what he describes as the perfect storm could be exactly what is setting up right now at the end of 2017 and beginning of 2018. We have all those new bitcoin and crypto products coming online at once and large institutional funds are entering the space at the same time.

That sounds like a recipe for a moon shot in the making indeed.

Hold on to your hats ladies and gentleman, I think we are about to go on quite the wild ride!

Stay informed my friends.

Sources:

https://www.coindesk.com/mike-novogratz-doubles-down-on-10000-bitcoin-prediction/

Image Sources:

https://youtube.com

https://bittrex.com

http://www.informationsecuritybuzz.com/articles/perfect-storm-brewing-technology-capabilities-consumer-behavioural-trends-align/

Follow me: @jrcornel

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