Mike Novogratz, the CEO of Galaxy Digital, is adamant that bitcoin will hit $100,000 this year. He clarified, saying that there are currently more buyers and sellers and that exchange-traded funds (ETFs) for bitcoin are experiencing “runaway momentum.” Furthermore, he mentioned a “new phase of bitcoin” as baby boomers enter the asset class. He went on to say that there is now no fiscal prudence and that the cryptocurrency “is a report card on fiscal prudence.”
Mike Novogratz Discusses His Upbeat Outlook for Bitcoin
Mike Novogratz, the CEO of Galaxy Digital, reaffirmed his optimistic assessment of bitcoin on Thursday in an interview with Fox Business. He also expressed his belief that bitcoin will hit $100,000 this year.
The executive said, “Bitcoin is entering a new phase.” “You’ve just made bitcoin more accessible to boomers.” He went on to say that the boomer generation is worth roughly $95 trillion overall, including an astounding $48 trillion in “liquid wealth.” Noting that baby boomers are now “making an allocation” in bitcoin, Novogratz emphasized, “We have made it possible for everyone who wanted to acquire bitcoin to do so for the first time in history. We’re essentially in the price discovery phase, and it’s difficult to predict where things will end up. The CEO of Galaxy Digital stressed:
There are currently more sellers than buyers.
Spot bitcoin exchange-traded funds (ETFs) are the main factor driving up the price of BTC, according to Novogratz. “This ETF is the most important thing because it has created a massive wealth conduit that makes it easy to purchase bitcoin. A lot of bitcoin is little amounts of large sums, he stated. In addition, the CEO of Galaxy Digital discussed “macro stories,” noting that interest rates will eventually be lowered by the Federal Reserve. Furthermore, he maintained that the fact that there is “a banking crisis today” is even more significant, stressing that “everyone of these stories plays into bitcoin.”
Fiscal policy and the next U.S. presidential election are two major factors impacting the bitcoin market, according to Novogratz. “No one really believes that we’ll see fiscal prudence when we’re adding a trillion dollars in debt to our budget deficit in very short intervals,” he stated. “And since bitcoin is a report card on fiscal prudence, and there isn’t any here at the moment, it will rise as long as the federal government continues to spend 25% of GDP on government, rather than 20% as we used to.”
In response to the question of whether he thinks Bitcoin will hit $100,000 this year, Novogratz said:
In my opinion, yes. I genuinely do.
He elaborated, saying, “I like to say $100,000 because it’s a round number. When you’re in price discovery, you don’t know where the buying stops.”
Spot bitcoin ETFs are currently experiencing “runaway momentum,” according to Novogratz. He emphasized the substantial amount of money that “just keeps coming in” into these funds. The CEO of Galaxy Digital emphasized last week the “tremendous global demand for bitcoin,” noting the entry of “an army of salespeople” and “a new army of buyers” into the market. Many others, like Bitwise’s CIO, who predicted that Bitcoin may reach $200K this year, are more optimistic than Novogratz. Expert trader Peter Brandt has raised to $200K his price estimate for the bull market that is now in place.
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