Bitcoin can rise to as high as $60,000 next year as it continues to replace gold, Novogratz says

Share
Michael Novogratz
Anjali Sundaram | CNBC

(This story is for CNBC PRO subscribers only.)

Bitcoin jumped to its highest level in nearly three years on Wednesday, and Galaxy Digital CEO Michael Novogratz believes the comeback rally is just getting started.

Novogratz, a known cryptocurrency bull, sees bitcoin rising as high as $55,000 or $60,000 by the end of next year as it increasingly displaces gold in investors' portfolios.

More In Pro Insight

CNBC ProMike Santoli's market notes: Growth stocks bounce, an unusual ETF for the upturn, the bull case
CNBC ProThese 'return to normalcy' stocks have further to run on an effective vaccine, Jefferies says
CNBC ProMike Santoli’s market notes: Traders scramble to chase the vaccine-fueled rally