At the Reuters Global 2018 Investment Outlook Summit in New York, Billionaire Hedge Fund Legend and former Fortress Executive Mike Novogratz stated that institutional investors are close to adopting Bitcoin.

Novogratz noted:

"When it's that easy, the price of BItcoin or Ethereum is going to go much higher. And that is a lot closer than people think. The institutionalization of this space is coming. It's coming pretty quick.”

$10,000 interim Bitcoin price target of Novogratz

Last month, Novogratz, who has shifted his funds and venture from the traditional finance sector to the cryptocurrency market, revealed his interim or mid-term price target of Bitcoin at $10,000.

The basis of the price target of Novogratz was established by several indicators including the Metcalfe’s law, a widely acknowledged metric which has been utilized to measure the growth rate of communication networks like Facebook, and the likelihood of the entrance of institutional investors and retail traders into the cryptocurrency market.