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18 March 2024
Mike Novogratz predicted the rise of Bitcoin to $100,000.

Mike Novogratz predicted that the value of Bitcoin will rise to $100,000. The head of Galaxy Digital expressed the opinion that the prices of the leading cryptocurrency are unlikely to fall below $50,000 unless something dramatic happens. He explained the increase in the price of Bitcoin by the prolonged inflow of funds into spot Bitcoin ETF and believes that as long as this flow does not cease, the growth of Bitcoin will continue.

Mike Novogratz also noted that the approval of Bitcoin ETF has led to a change in market thinking. Baby boomers have been given the opportunity to invest in digital gold through registered investment consultants.

The head of Galaxy Digital emphasized that Bitcoin holders prefer to retain their assets, assessing their capital in terms of BTC quantity rather than in US dollars. In his opinion, digital gold could reach the $100,000 mark. He also expressed doubt that spot Bitcoin ETF will ever gather more than 20% of the asset’s issuance.

“They are loading up now. At some point, the situation will reach a balance. There are many people who still want to self-custody their BTC or keep them with a foreign custodian if they don’t trust the country they are in,” explained the CEO of Galaxy Digital.