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Why Galaxy’s Michael Novogratz thinks Bitcoin will hit $100,000 by the end of the year – DL News
- Bitcoin price is approaching $71,000.
- Billionaire Michael Novogratz, founder and CEO of Galaxy Digital, believes that Bitcoin could surpass US$100,000 by the end of 2024.
- He argued that government regulation and tolerance of crypto should drive the price further.
Michael Novogratz, founder and CEO of crypto investment firm Galaxy Digital, is – surprise, surprise – bullish on Bitcoin.
The crypto billionaire said Bloomberg TV Tuesday that he believes the price of Bitcoin could reach $100,000 by the end of the year.
“If we receive up to $73,000 in the next week or so, we will end the year at $100,000, something close to that, or even more,” he said.
Novogratz cited regulatory changes in the US government. Specifically, he referenced the Securities and Exchange Commission approval of Ethereum exchange-traded funds; bipartisan support in Congress for FIT121, legislation that would provide a clearer regulatory framework for digital assets; It is Congressional support for the repeal of SAB 121, SEC accounting guidance that many in crypto oppose.
The repeal of SAB 121 was approved in the House of Representatives and the Senate, but President Joe Biden vetoed the measure on Friday.
“We are getting regulatory clarity, and while it’s not perfect, we have enough that people now realize [that] that’s coming,” Novogratz said in reference to broader government acceptance of encryption.
The resurgence of Bitcoin
Novogratz’s optimism regarding Bitcoin comes amid the recent resurgence in the cryptocurrency’s price, which has boosted the broader crypto market.
In mid-March, Bitcoin reached an all-time high of more than $73,000, and the total market capitalization of all cryptocurrencies approached $2.8 trillion, according to CoinGecko.
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In early May, however, cryptocurrency fervor waned, and the largest cryptocurrency by market capitalization hovered near $56,000, bringing down the total market value of all cryptocurrencies with it.
Now, Bitcoin is approaching $71,000, and the total market capitalization of all cryptocurrencies has jumped to $2.67 trillion from its low of $2.33 trillion in early May.
“If you bought Bitcoin and held it like most Bitcoiners do, you are in the money,” Novogratz said.