Novogratz: Bitcoin will spike to $20k within 18 months

New York (CNN Business)Bitcoin just hitanother milestonein itsimpressive 2020 run. The cryptocurrency surged 9% to a new all-time high of about $19,860 on Monday, topping the previous peak of $19,783 from December 2017.

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Bitcoin hitting a new all-time high…will likely spur a tidal wave of retail investment that pushes bitcoin much higher in short order,Stanley Druckenmiller and Mike Novogratz are bullish on bitcoin as well.This rally is driven by smart and institutional money and not built solely on retail over-speculation,XRP,said Guy Hirsch,000 in Marchas markets around the globe plummeted due to the Covid-19 economic crisis.The epic rise in bitcoin has also fueled even more dramatic spikes in smaller cryptocurrencies such as ethereum,litecoin and Stellar as of late. That may continue.In other words,head of research at digital assets prime broker Bequant,in an e-mail to CNN Business.Cash is slowly dying. These are the companies replacing itboth nowallow their customers to buy and sell bitcoin. Money management giant Fidelity is launching a bitcoin fund for wealthy investors.He says Facebooks Libra is the future. Lawmakers arent so sureIts been a wild year forbitcoin,the days of bitcoin being considered just a fringe investment are over. The cryptocurrency has gone legit.The amount of bitcoin currently in circulation is now worth more than $365 billion.itcoin futures contracts are even trading on the Chicago Mercantile Exchange.Prominent investment managers Paul Tudor Jones,said Denis Vinokourov,managing director for the US at eToro,in an e-mail to CNN Business. So many more individuals and asset managers are now buying in.PayPal CEO: Our move into cryptocurrencies is to bolster utilitywhich has soared more than 175% since the end of 2019.Prices plunged below $4,brokerage and trading firm,

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, the worlds largest asset management firm, suggested that bitcoin could one dayreplace goldas a safe-haven currency of choice.

Bitcoin also got a recent boost after a top strategist at

But bitcoin has rallied sharply in the past few months as thedollar has weakened. Crucially, the cryptocurrency has also skyrocketed into the mainstream.

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However, it is unlikely that this inflow will be limited to bitcoin only, he added. The ease of access to other assets is much more straightforward than what it was during the last bull run.