Renowned Bitcoin investor Mike Novogratz has expressed his belief that Bitcoin could reach $100,000 by the end of the year. Novogratz, the founder and CEO of Galaxy Digital, made this prediction during an interview on “Bloomberg Crypto,” where he discussed the current state of the cryptocurrency market and Bitcoin’s potential for growth.
At present, Bitcoin is hovering around the $70,000 mark, which Novogratz considers a significant milestone. He stated that the crypto industry is trending upwards and has more potential for growth than risk. Novogratz emphasized the progress that the industry has made since 2015, noting that crypto discussions are now mainstream on platforms like Bloomberg.
Novogratz also mentioned the recent developments in crypto legislation, highlighting that Washington DC has reached a bipartisan agreement on the importance of implementing and regulating crypto legislation. He believes that the US government’s excessive spending has further fueled Bitcoin’s popularity. As evidence, he pointed to the state of Wisconsin’s pension fund, which recently invested around $140 million in Bitcoin. Novogratz expects that as more pension funds and institutions invest in Bitcoin, coupled with a limited number of sellers in the market, the price of Bitcoin will continue to rise.
In terms of price predictions, Novogratz stated that if Bitcoin surpasses the $73,000 level within the next week, it could potentially reach $100,000 or even higher by the end of the year. He explained that markets tend to work within specific ranges, and when the upper limit is broken, there is typically a significant extension. Considering that the current range for Bitcoin started around $40,000, breaking the $70,000 mark could propel it to $100,000.
Novogratz also discussed the factors that could act as catalysts for Bitcoin’s upward movement. He suggested that greater regulatory clarity or action from the Federal Reserve could trigger a surge in Bitcoin’s price. However, he emphasized that his predictions should not be taken as investment advice.
For those interested in investing in cryptocurrencies, Novogratz recommends registering with Binance exchange, which offers over 300 cryptocurrencies and a 20% discount on commission fees.
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