Regulation
Mike Novogratz Projects Bitcoin Price of $100,000, Advices on Regulatory Clarity
Galaxy Digital CEO Mike Novogratz predicted a Bitcoin price of $100,000 towards the end of the year. This prediction comes as the price surpasses $70,000 as bulls attempt to reach the all-time high set after the approval of spot Bitcoin ETFs. As most analysts and executives argue, crypto regulations in the United States are important in driving growth.
Mike Novogratz indicates BTC price of $100,000
In a recent Bloomberg During the interview, Mike Novogratz explained that if the price of the asset climbs to $73,000 next week, it could rise back to $100,000 towards the end of the year. According to him, markets create ranges and since the price of the asset has reached $70,000, it is within the $100,000 price range.
“… if we take out $73,000 for the next week or so, we’ll end the year at $100,000, somewhere in the neighborhood or even higher. Markets create ranges…”
The approval of spot Bitcoin ETFs this year led to a surge in the price of the asset. Inflows into these funds are hovering around $60 billion as institutional investors increase their appetite for Bitcoin. As the bull run gains momentum, bulls relish massive institutional accumulation.
Furthermore, recent events indicate increased adoption and a positive macroeconomic outlook for the market leader. Novogratz, what was a headwind, now becomes a favorable wind. Institutional firms increasing their exposure to Bitcoin through ETFs is a positive indicator of increased accumulation.
Crypto Regulation to Power the Market
In recent weeks, crypto regulations have dominated industry spaces as executives seek clear rules to support investments. Novogratz and other crypto executives welcomed the emerging bipartisan support received by the FIT21 invoice. The bill, which aims to provide an air of regulation, passed the House of Representatives and now faces its fate in the U.S. Senate.
However, the SAB 121 that the Senate overturned was vetoed by Joe Biden. The move has sparked criticism from the crypto community among users who are moving towards the financial innovation bill. Novogratz added that the market is becoming clearer on regulation despite some obstacles.
Read also: Bitcoin (BTC) Price Hits $70,000, Here’s Why