Bitcoin
Bitocin Price Hits $100,000 as Politicians Warm Up to Crypto
- Crypto bull Michael Novogratz says bitcoin could reach $100,000 by the end of the year.
- He told Bloomberg TV that political resistance is on the wane, which is positive for crypto.
- It doesn’t matter who becomes president in the long run as crypto gains bipartisan support.
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Bitcoin could surpass $100,000 by the end of this year as political hurdles are cleared, said Galaxy Digital CEO Michael Novogratz Bloomberg TV.
“If we withdraw $73,000 in the next week or so, we will end the year at $100,000. Somewhere around there or even further,” the crypto enthusiast said on Tuesday. This indicates a 40% gain from Wednesday’s price of $71,500.
As for why, Novogratz said that in recent weeks he was waiting for two things to catalyze a new rally in bitcoin.
“More regulatory clarity, which I thought was a low probability at that point, and/or the Fed starting to act. We are getting regulatory clarity,” he said. “And even though it’s not perfect, we have enough that people now realize this is coming.”
While it remains a developing tailwind, there are clear signs that the government is changing its attitude towards the industry.
Last month, the Securities and Exchange Commission surprised the markets by approving to see ether exchange-traded funds without hassle or resistance.
Meanwhile, the purchase of about $163 Million in Bitcoin ETF Shares Last Quarter demonstrates that even institutions and pension funds are adopting digital assets, Novogratz said.
But an “unbelievable positive” is actually happening on Capitol Hill, where Democrats are less inclined to treat encryption as a political issue, he noted.
While not all party members have been anti-crypto, he said one select few legislators led the party’s tough stance against these currencies. But now, that’s changing with lobbying and as crypto plays a more important role in election financing.
“The scale has gotten bigger. That’s why the Democrats woke up. About 150 million are on their way to $250 million in these crypto Super PACs,” he said.
As for the election, former President Donald Trump would seem a better fit for the industry given his early embrace of the space, he said, but it will matter less who becomes president in the long run given that pro-crypto rhetoric is becoming increasingly popular. increasingly bipartisan, he argued.
As political obstacles are cleared, Novogratz hopes this will lead to legislation that could spur the growth of crypto. For example, if the Financial Technology and Innovation Act for the 21st Century, known as the FIT21 account, is approved, it would allow large banks to pursue crypto sales and trading, attracting a new wave of institutional financing, he said.
The proposed law aims to create a comprehensive regulatory framework for the US digital asset market.