Former hedge fund manager Michael Novogratz said Monday that Bitcoin (BTC) could more than double to $100,000 by the end of 2021 as more people are allowed to make purchases using the cryptocurrency, Bloomberg reported.

What Happened: “You’re going to see every company in America do the same thing,” said the founder of Galaxy Digital Holdings Ltd. (OTC:BRPHF), a cryptocurrency investor company in an interview on Bloomberg Television.

“It doesn’t have to be a lot. It’s the messaging that matters, you’re seeing the herd here, and it’s coming.”

Novogratz praised Tesla Inc (NASDAQ:TSLA) CEO Elon Musk and called him a “genius” pointing to his decision to “listen to the people.”

“One of the things that connect Bitcoin, and Tesla and solar stocks and ESG investing is millennials and Gen Z, young people are buying into the future, and they see cryptocurrencies — Bitcoin and other cryptos — as their currencies,” said Novogratz.

Why It Matters: On Monday, Tesla said it had invested an aggregate of $1.5 billion of cash in BTC. The automaker said it would start to accept the apex cryptocurrency as a payment option in the future on a limited basis.

MicroStrategy Incorporated (NASDAQ:MSTR) CEO Michael Saylor, an ardent BTC supporter, called the cryptocurrency, the “scarcest asset in the world,” Bloomberg reported separately.

MicroStrategy holds 71,079 bitcoins that it purchased at an aggregate purchase price of $1.145 billion at an average purchase price of nearly $16,109 per bitcoin, according to an SEC filing. 

See Also: MicroStrategy Just Can't Get Enough Of Bitcoin — To Now Raise $550M In Debt To Fund Purchase

On Monday, multiple analysts and commentators expressed their thoughts on Tesla’s Bitcoin purchase in a largely positive manner.

Price Action: BTC traded 20.51% higher at $46,250.54 at press time. Grayscale Bitcoin Trust (OTC:GBTC) closed 20.62% higher at $45.69 on Monday.