News - Michael Novogratz: Bitcoin will soar to $100,000 this year

By Mike Hesp

Michael Novogratz: Bitcoin will soar to $100,000 this year

Bitcoin (BTC)
Crypto acceptance
Price update

According to Novogratz, CEO of Galaxy Digital, bitcoin could surpass $100,000 by the end of this year as political obstacles disappear. He said this in an interview with Bloomberg TV.

"If we break through the $73,000 mark in the coming week, we could end the year at $100,000 or even higher," Novogratz stated Tuesday. This would represent a 40% increase from Wednesday's price of $71,500.

Novogratz indicated that he has been monitoring two key factors over the past few weeks that have created a new rally for bitcoin could cause.

"More regulatory clarity, which I thought was unlikely before, and/or moves by the Fed. We're getting more regulatory clarity now," he explained. "While it's not perfect, it's enough to make people realize this is coming."

There are clear signs that the government is changing its attitude toward the crypto industry.

Last month, the Securities and Exchange Commission surprised the markets by saying without issue spot ether exchange-traded funds to be approved.

In addition, the purchase of approximately $163 million shows bitcoin ETF shares by Wisconsin in the last quarter indicated that even institutions and pension funds are embracing digital assets, Novogratz said.

Another positive sign can be seen on Capitol Hill, according to Novogratz, where Democrats are less inclined to view crypto as a political issue.

While not all Democratic House members have been anti-crypto, some lawmakers have determined the party's strict stance on such currencies. However, this is changing due to lobbying activities and the growing role of crypto in election finance.

"The scale has gotten bigger. That's why the Democrats have woken up. There's about $150 million on the way to $250 million in these crypto Super PACs," he said.

Regarding elections, seems former President Donald Trump a better choice for the industry because of his early acceptance of the sector, Novogratz said. In the long run, however, it will matter less who becomes president as the pro-crypto stance becomes increasingly bipartisan, he argued.

As political obstacles disappear, Novogratz expects this to lead to legislation that will spur the growth of crypto. For example, if the Financial Innovation and Technology for the 21st Century Act, known as the FIT21 law, is passed, this would allow large banks to pursue crypto sales and trading, which would attract a new wave of institutional funding, he said.

This proposed law is intended to create a comprehensive regulatory framework for the U.S. digital asset market.

Download the Anycoin App

Finally, a crypto app for everyone!

Check it out