Bitcoin could be at $40,000 at the end of 2018. It easily could," Michael Novogratz says on CNBC's "Fast Money."
"Ethereum, which I think just touched $500 or is getting close, could be triple where it is as well," adds Novogratz, formerly a macro hedge fund manager at Fortress Investment Group.
But Novogratz doesn't recommend retail investors put any more than 1 to 3 percent of their net worth in cryptocurrencies, or wealthier investors to put more than 5 to 10 percent.
The man who called bitcoin $10K now sees this for the cryptocurrency The man who called bitcoin $10K now sees this for the cryptocurrency
13 Hours Ago | 05:44
Former Fortress hedge fund manager Michael Novogratz said Monday that bitcoin can multiply more than four times in roughly the next 13 months.
"Bitcoin could be at $40,000 at the end of 2018. It easily could," Michael Novogratz said Monday on CNBC's "Fast Money." "Ethereum, which I think just touched $500 or is getting close, could be triple where it is as well."
Bitcoin was trading near $9,656 late Monday afternoon, after hitting a record high above $9,700 earlier in the day, according to CoinDesk. Ethereum hit a record high of $493.40 Monday, according to CoinMarketCap, and last traded near $482.
The total market capitalization of all digital coins on CoinMarketCap hit $304 billion Monday. Novogratz said he expects that could increase by about six times to $2 trillion at the end of next year.
Market capitalization of all digital coins (year to date change)
(https://fm.cnbc.com/applications/cnbc.com/resources/editorialfiles/charts/2017/11/1511824107_mktcapYTD.jpg)
https://www.cnbc.com/2017/11/27/bitcoin-could-easily-reach-40000-by-the-end-of-2018-novogratz.html