Bitcoin could hit $100,000 by the end of 2021 as more companies follow Tesla's lead and back the cryptocurrency, Mike Novogratz says
- Crypto bull Mike Novogratz says bitcoin could soar to $100,000 by the end of 2021 as more institutions back the token.
- Bitcoin jumped to an all time high above $48,000 on Tuesday, a day after Tesla said it invested $1.5 billion in the cryptocurrency.
- Watch bitcoin trade live here.
Bitcoin could surge to $100,000 in the next year, according to renowned crypto bull Mike Novogratz.
The Galaxy Digital founder told Bloomberg TV on Monday he sees bitcoin's price accelerating faster than he once expected because more institutions and companies are getting behind the cryptocurrency.
Bitcoin jumped to an all-time high above $48,000 Tuesday morning following news that Tesla had bought up $1.5 billion of the coin and may begin to accept bitcoin as payment. Novogratz said "every company in America" will follow in Tesla's footsteps and soon allow customers to make purchases using cryptocurrencies.
He also said other companies may consider moving excess reserves into bitcoin as a hedge against inflation. While the famously volatile coin may ward off more risk-averse CFO's, Novogratz said Elon Musk is leading the way for more corporations to back bitcoin.
"Now you got the biggest, the wealthiest man in the world and one of the biggest stories doing it," said Novogratz. "You've got to think other CFOs and CEOs are saying, what should we be doing?"
The crypto enthusiast said he doesn't see bitcoin rising straight up, and he anticipates profit-taking throughout the year as the coin reaches new heights.