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

Michael Novogratz
Anjali Sundaram | CNBC

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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.