Michael Novogratz Says ‘Network Effect’ Will See Bitcoin At $85,000 Canadian Very Soon

November 17, 2020

Canadian billionaire Michael Novogratz is one of the most well-known Bitcoin bulls in the world. He’s been talking about its virtues for years now. Earlier this morning he joined a Twitter debate about Bitcoin featuring Game of Thrones actress Masie Williams.

Williams posted a survey that saw Novogratz and Tesla CEO Elon Musk chime in and tell her to buy Bitcoin. But it’s Novogratz who took things a step further and said that Bitcoin is in short supply and there are a large number of new buyers flooding the market. He believes a network effect is taking place that will see Bitcoin burst through the $20,000 mark with the next level up being $65,000 USD (or $85,000 Canadian). He even mentions he’s putting his Bitcoin where his mouth is having bought more Bitcoin at $15,800 USD.

 

Two Key Reasons This Bitcoin Bull Run Is Different

There are two key reasons this bitcoin bull run is different from other bull runs. First, Grayscale Bitcoin Trust now owns more than 509,000 bitcoin. That’s more than 2% of all the bitcoin in existence at the moment. Institutional investment is clearly ramping up and institutional investors don’t usually buy an asset to flip it the way a day trader does. That means we have likely seen the last of lower levels of Bitcoin prices. The last time this kind of spike and the price happened in 2017, the level of institutional investment in the space wasn’t anywhere near what it is today.

The second key thing to note is that even with Bitcoin’s price skyrocketing once again, it’s not receiving anywhere near the mainstream media attention that 2017’s boom produced. As the price keeps rising, Bitcoin will no doubt venture into the public’s consciousness once again which will further act as a catalyst pushing the world’s most valuable cryptocurrency to new all-time highs.

 

How to Get In On the Latest Bitcoin Bull Run

If you’re looking to buy Bitcoin in Canada, look no further than Netcoins. It’s free to register. Create an account, fund it with an e-Transfer (other funding options available), and head to the trade page to buy or sell bitcoin. Netcoins is a fully regulated, publicly owned crypto trading platform. You can make a deposit using other cryptocurrencies you may already own, or by registering a direct debit transaction, Interac e-transfer or simply by using a major credit card. Get in on the revolution today.

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