BITCOIN price soared over $13,500 last week - Bitcoin saw its highest price before December 2017 when the cryptocurrency hit just under $20,000.
Cryptocurrency expert Michael Novogratz said institutional adoption of bitcoin will likely result in the cryptocurrency surpassing its all-time highs.
Mr Novogratz told Bloomberg News: “So it kind of went up to $14,000 and back down to $10,000. I think we are going to see the market consolidate between $10,000 and $14,000 for a while before it takes off the next leg higher."
And the next leg higher probably comes as the new institutions start to come in and then you’ll see bitcoin go towards the old highs of $20,000 or higher.
“I would bet you within two years MasterCard and Visa accept bitcoin with their credit cards.”
The cryptocurrency expert said he believes bitcoin will go “significantly high” but only if “everyone buys just a little bit of bitcoin”.
“I don't think I'm selling the next time we’re up to $14,000,” he said. “I think the next time we get up there it’s closer to $20,000. I don't expect that in the next few weeks, I don't expect it till the middle or the end of the fourth quarter. Once you open up $20,000 it opens up $40,000 next and much higher over time.”
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