Bitcoin bull Michael Novogratz told CNN Business that the encryption currency will triple over the next 18 months and return to its all-time high of nearly $ 20,000.
"Out of rubble, bitcoin has popped up again," Novogratz said from the sidelines of the SALT conference in Las Vegas.
Novogratz, a former security fund manager and Goldman Sach's investment banks, does not believe that bitcoin will return to these downturns. The catch would be if there was a devastating hack against an encryption exchange or a sudden shift in regulation.
"It would take something like destroying this newborn trust," said Novogratz, founder and CEO of Galaxy Digital, a crypto bank.
"For the institutions to thrive, you must have much less of this," he said.
Novogratz encouraged encryption exchanges to "self-regulate" to strengthen security and admit trust in bitcoin.
"A little bit of reel can go a long way," he said.
Others are deeply skeptical of bitcoin because of the extreme price mines.
Bitcoin has "no future as currency" and is subject to "massive manipulation," Roubini said.
& # 39; Frothy & # 39; stock market
While Novogratz remains uber-bullish on bitcoin, he is worried about overexuberance in the stock market.
"We have a chance of an equity melting. You see it in enthusiasm around the IPOs," Novogratz said.
"These frenzyes rarely last. Gravity returns to games," Novogratz said.
While he doesn't believe the market is at the top, Novogratz sees signs that things are "creepy".
"Markets usually end up in a super-spike, some searing frenzy of activity," he said.
The Fed could bring on a "melt up"
A catalyst for that kind of euphoria could be the Federal Reserve.
"The Fed that makes a political mistake by cutting into a strong economy can lead to a rapid melting – and that may be the end," Novogratz said.
Moore also cheered the Republican tax cuts and said they worked "even better than we thought they would."
Asked about Moore's comments, Novogratz asked the wisdom of the administration's decision to "cut taxes into a strong economy" and deepen America's budget deficit.
"I'm glad Stephen Moore is not on the Fed," added Novogratz.