Bitcoin bull Mike Novogratz, who runs crypto asset firm Galaxy Digital, told CNBC Wednesday that he thinks bitcoin prices could climb as high as $65,000 next year after hitting $20,000 this year, but a temporary pullback to $16,000 might be imminent. He doubled down on his prediction in a tweet saying, "I bought more BTC last night at $15,800. It’s going to $20k and then $65k. The network effect has taken over. I see tons of new buyers and there is very little supply." He said younger investors see bitcoin as "social money," while baby boomers view bitcoin as a macro hedge against paper money as governments print more of it. "People are going to bitcoin because there's only 20 million [bitcoin] that will ever be mined, there's complete scarcity in it," he said, "People believe it's a store of value. It's a social construct, and you can't change that." On November 16, Novogratz's Galaxy Digital filed for a preliminary prospectus for the initial public offering of CI Galaxy Bitcoin Fund, a closed-end investment fund which seeks to provide investors with exposure to bitcoin using the Bloomberg Galaxy Bitcoin Index, which is designed to measure the performance of a single bitcoin traded in U.S. dollars. The BTC is owned and administered by Bloomberg Index Services Ltd. A senior technical analyst at Citigroup, the third largest banking institution in the United States and the largest credit card issuer, similarly predicted a $318,000 price target for Bitcoin as early as 2021.