Crypto Bull Mike Novogratz Walks Back $10,000 Bitcoin Price Target

'I don't think it breaks $9,000 this year.'

Crypto Bull Mike Novogratz Walks Back $10,000 Bitcoin Price Target
John Lamparski / Getty Images

'I don't think it breaks $9,000 this year.'

Mike Novogratz — the founder of cryptocurrency investment firm Galaxy Digital Capital Management — is losing faith in a year-end bitcoin rally as December approaches. The crypto perma-bull now predicts that bitcoin prices will not clear $9,000 in 2018.

“I don’t think it breaks $9,000 this year,” Novogratz said at the 2018 Finance Disrupted event in New York, CNBC reported.

Less than two weeks ago, the former Goldman Sachs investment banker had set a $10,000 bitcoin price target for the end of 2018, as the Inquisitr previously reported.

At the end of 2017, BTC prices approached a record high of almost $20,000 but slumped throughout 2018. Today, bitcoin prices hover at around $6,555.

Novogratz: Institutional Money Will Start Pouring In

In September, Novogratz insisted that institutional “FOMO” (fear of missing out) would drive the market out of its current rut, but he has since walked back that bullish near-term forecast.

That said, Novogratz remains optimistic about the long-term future of cryptocurrencies and has said that institutional investors will start pouring their money into crypto within the next six months.

“Three to six months from now, there will be an ‘all-clear’ sign for people — big institutions and pension [funds] — to start investing,” Novogratz said in September 2018.

Mike Novogratz said “one of the most influential endowments [in the world]” has just made an investment in a “bitcoin fund,” but would not disclose the name of the institutional investor.

However, he said this move will encourage other institutional investors to start investing in cryptocurrency funds and start-ups.

World-Class Business School Offer Crypto Classes

Meanwhile, more top business schools in the United States are offering cryptocurrency and blockchain classes as part of their MBA programs, as the Inquisitr has reported.

According to a recent study by Coinbase, almost half of the world’s top universities now offer at least one crypto class.

“This is a grassroots movement,” said Adam White, a vice president at Coinbase, the largest U.S. virtual currency exchange. “These are students saying, ‘hey, university, I want to take a class on this.'”

Following the digital currency market’s surge in 2017, top business programs such as the Wharton School and Stanford Business School expanded their course offerings to include bitcoin and blockchain in response to increasing demand from students and corporate recruiters.

“We’re at the point where there’s a critical mass to teach this domain,” Wharton professor Kevin Werbach told CNBC. “There will be a real phenomenon in business for the foreseeable future. Five years down the road, there won’t be too many major business schools that don’t offer similar classes.”