- Galaxy CEO emphasized uninterrupted optimism, highlighting the potential market impact and psychological change that could occur with the approval of spot Bitcoin
ETFs by the government.
- Novogratz predicted a new paradigm shift that could likely lead to an increase in value, following the government’s approval of Bitcoin purchases.
- SEC Chairman Gary Gensler’s stance on this issue remains unclear and brings uncertainty around ETF talks.
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Renowned investor and Galaxy Digital founder Mike Novogratz revealed his Bitcoin predictions while assessing the current market outlook.
Novogratz Reveals Bitcoin Prediction Post-ETF
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Renowned investor and Galaxy Digital founder Mike Novogratz suggested that Bitcoin (BTC) could experience a significant increase in value, reaching $70,000, if the U.S. Securities and Exchange Commission (SEC) approves spot Bitcoin exchange-traded funds (ETF).
Novogratz’s bullish outlook emerged during a special Bloomberg interview. The Galaxy CEO expressed uninterrupted optimism, emphasizing the potential market impact and psychological change that could occur with the government’s approval of spot Bitcoin ETFs.
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During the interview, Novogratz confirmed the likelihood of Bitcoin revisiting its previous highs within a year, highlighting the critical role an SEC-approved spot Bitcoin ETF could play in taking the cryptocurrency’s value to historical peaks.
Novogratz noted that the dynamics of the Bitcoin market are shaped around accumulated money inflows, predicting a new paradigm shift that could likely lead to an increase in value with the government giving the green light to Bitcoin purchases. Novogratz anticipated a change in market psychology with the government’s approval.
Bloomberg analysts estimate that a spot Bitcoin ETF could potentially be approved by January 10, 2024. However, SEC Chairman Gary Gensler’s stance on this issue remains uncertain, causing uncertainties around ETF discussions. In particular, analysts expressed concerns about the potential last-minute rejection of pending spot Bitcoin ETF applications, describing this situation as “surprisingly sadistic.”
Novogratz Speaks on Binance-DOJ Agreement
In the same interview, Novogratz commented positively on the $4.3 billion agreement between Binance and the U.S. Department of Justice (DOJ). He saw the agreement as a step to reduce risks for Binance and the broader crypto industry. Novogratz highlighted that the deal alleviated previous concerns among investors and users about Binance’s operations.
“I think they’ve derisked in many ways. People were worried about doing business with Binance. Now there is a lot less to worry about.”
Addressing concerns about Binance’s compliance issues, Novogratz stated that the resolution eased concerns about doing business with the exchange. He emphasized the importance of working with organizations that prioritize regulatory compliance, noting recent regulatory challenges faced by traditional finance.
Expected Roadmap for Bitcoin
Novogratz advanced the developments expected with the potential approval of an ETF in the U.S., predicting that Bitcoin could reach $70,000 after an ETF approval. He stated that an ETF approval would encourage adoption by investment and asset management companies such as BlackRock, Fidelity, ARK Invest, and Galaxy Digital. According to Novogratz, this collective effort could significantly increase the price of Bitcoin, especially when combined with the possibility of the Federal Reserve cutting interest rates.
“The price is going to be significantly higher, especially in a period where the Fed is likely cutting interest rates. Can we go back to the old highs by this time next year? Certainly, we can.”
The investor foresaw Bitcoin’s halving event in 2024 and predicted that this event would create a compelling narrative for the cryptocurrency. Additionally, highlighting the impact of the 2024 U.S. elections on Bitcoin’s future, Novogratz identified global financial irresponsibility as the primary factor pushing people to invest in Bitcoin.
In the midst of uncertainties, Novogratz emphasized the potential of Bitcoin, trusting its appeal as a hedge against global financial instability and considering it a significant factor driving initial investments into cryptocurrencies.