Despite concerns the skyrocketing price of bitcoin is a sign of a potential bubble, billionaire investor Mike Novogratz says the bitcoin rally is far from over.
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Novogratz, who has invested a quarter of his net worth in cryptocurrencies and describes himself as the ‘Forrest Gump of bitcoin,' said the bitcoin "cultural revolution" is far from over, as reported on Zerohedge.
"The world is in blockchain speculative phase… not close to the end of the speculative phase."
Bitcoin will get more adoption, and the "sell-off after the speculative phase is complete," he said.
However, he confirms the volatility risk in bitcoin, which is impossible to curb now.
"Banks will be slow to move into the industry," Novogratz said, adding that he "doesn't see quick adoption of bitcoin as a currency."
Starting the year below $1,000, bitcoin hit $18,000 on Friday.
Zerohedge has kept track how long it took bitcoin to surpass key milestones in its growth:
$0000 – $1,000: 1789 days
$1,000 – $2,000: 1271 days
$2,000 – $3,000: 23 days
$3,000 – $4,000: 62 days
$4,000 – $5,000: 61 days
$5,000 – $6,000: 8 days
$6,000 – $7,000: 13 days
$7,000 – $8,000: 14 days
$8,000 – $9,000: 9 days
$9,000 – $10,000: 2 days
$10,000 – $11,000: 1 day
$11,000 – $12,000: 6 days
$12,000 – $13,000: 17 hours
$13,000 – $14,000: 4 hours
$14,000 – $15,000: 10 hours
$15,000 – $16,000: 5 hours
$16,000 – $17,000: 2 hours
$17,000 – $18,000: 10 minutes
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RT
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