Former Fortress hedge fund manager Michael Novogratz said Monday that bitcoin can multiply more than four times in roughly the next 13 months.
"Bitcoin could be at $40,000 at the end of 2018. It easily could," Michael Novogratz said Monday on CNBC's "Fast Money." "Ethereum, which I think just touched $500 or is getting close, could be triple where it is as well."
Bitcoin was trading near $9,656 late Monday afternoon, after hitting a record high above $9,700 earlier in the day, according to CoinDesk. Ethereum hit a record high of $493.40 Monday, according to CoinMarketCap, and last traded near $482.
The total market capitalization of all digital coins on CoinMarketCap hit $304 billion Monday. Novogratz said he expects that could increase by about six times to $2 trillion at the end of next year.
Market capitalization of all digital coins (year to date change)
"There's a big wave of money coming, not just here but all around the world," said Novogratz, formerly a macro hedge fund manager at Fortress Investment Group. He is planning to launch a $500 million digital assets fund through his new firm, Galaxy Investment Partners.