Galaxy Digital’s CEO Mike Novogratz Eyes Bitcoin’s Rising Tide

Mike Novogratz, the billionaire CEO of Galaxy Digital, is optimistic about Bitcoin’s future, predicting a potential surge in its value. In a recent Bloomberg Television interview, Novogratz pointed out several key factors that could drive Bitcoin’s price upwards.

Novogratz highlighted the potential impact of new Bitcoin spot market exchange-traded funds (ETFs), the anticipated Bitcoin halving, and the Federal Reserve’s actions as pivotal elements. He believes these factors could propel Bitcoin to match or even exceed its previous peak.

“There’s a bunch of good things happening for Bitcoin. We are going to get an ETF, there’s a lot of anticipation, some of that is built into the price. When you actually get the ETF announcement there’s probably still two months before it starts trading, and then once it starts trading, we’ll see,” Novogratz said.

He further elaborated on the influence of major institutions like BlackRock, Invesco, Ark, and Fidelity. These institutions, including Galaxy Digital, are actively promoting Bitcoin adoption. Novogratz argues that their efforts, combined with a likely scenario of the Federal Reserve cutting rates, could significantly increase Bitcoin’s price.

“Of course, we could [reach old highs by this time next year], and could we go higher, we’ll see. You have to remember prices are set on the margin and there are not that many sellers of Bitcoin. We’re going to have the halving next year, which means that the daily supply or inflation rate gets cut in half and so you really are setting up for a wonderful story,” he added, emphasizing the scarcity of Bitcoin sellers and the upcoming halving, which will reduce the rate at which new Bitcoins are created.

At the time of this report, Bitcoin’s trading price stands at $38,737, marking a 2.85% increase in the past 24 hours, as per the latest data from CoinMarketCap.