Here’s When You Should Buy Bitcoin and Ethereum

About two months ago, hedge fund billionaire Michael Novogratz made a bold announcement: He'd put 10% of his net worth into digital currencies including Bitcoin and Ethereum. But a lot can happen in a couple of months. Specifically, the price of Bitcoin has more than doubled, and the Ethereum price has multiplied six-fold.

So around the time the cryptocurrencies reached all-time highs earlier in June, with the Bitcoin price hitting $3,000 and Ethereum breaking $400 the following day, Novogratz thought the current crypto boom had topped out. He sold "a bunch" of his digital coins.

"I think the market had a spectacular run, and trees don’t grow to the sky," Novogratz said this week, speaking at CBInsights' Future of Fintech conference in New York. "So I probably still have roughly 10% of my net worth in crypto, but it’s been scaled way back."

“I own a lot less coins, they’re just worth more," Novogratz added.

If Bitcoin fell back down to $1600, he said, he’d "be buying a lot of it." And if the Ethereum price retreated to between $150 and $200, it would be cheap enough to merit buying more, he added.

Those prices would give Ethereum a total market value of about $20 billion, which "sounds about right for where we are" in the evolution of the technology, Novogratz said.
http://fortune.com/2017/06/29/bitcoin-ethereum-price-buy-michael-novogratz/