Mike Novogratz Says That “Best Brand” Bitcoin May Reach $20K By May Halving

Bitcoin (BTC) has all chances to break its all-time highs of $20,000 before block reward halving takes place in May. This is the viewpoint expressed by Mike Novogratz, the serial venture capitalist who has been consistently bullish on Bitcoin.

Novogratz calls BTC “best brand of the past 11 years”

In a February 14 interview with CNBC, Mike Novogratz described Bitcoin as the “best brand of the past eleven years”, stating that 2020 will be the very year it rallies to $20,000 once again.

“Right now, Bitcoin feels a little frenzied and we could see it surge up, but I think that by the end of the year we could certainly take out the old highs, or at least we go to the old highs,” he said during the interview.

“We might be there literally by the halving, which is in a couple of months.”

The Galaxy Digital cryptocurrency merchant bank CEO was speaking, while Bitcoin capped 45% gains year-to-date. Admitting that BTC has fallen behind altcoins when considering returns since January 1, Novogratz noted that it had “found its own lane” as a unique store of value.

“Bitcoin is probably the best new brand of the past eleven years — a $200 billion market cap for a line of code that came out eleven years ago,” he said.

“…Because people have believed that it’s now a store of value — similar to gold, just gold’s got 3,000 years and $10 trillion, Bitcoin’s got eleven years and $200 billion.”

Bitcoin bulls see green

In December, before Bitcoin’s price started to rise, Novogratz made a more modest prediction, stating that in 2020 BTC will see $12,000.

However, his $20,000 prediction is quite modest compared to other established industry players. Earlier this month, Fundstrat co-founder Tom Lee stated that BTC/USD will reach $27,000 by August. According to him, it will happen due to the fact that when Bitcoin crossed its 200-day moving average, it triggered average gains of nearly 200%.

Other sources of the kind also assure the public that halving which cuts miners’ rewards by 50% will ultimately act as price catalyst.