Markets
Bitocin Price Heads Toward $100,000 As Politicians Gear Up For Crypto
- Crypto bull Michael Novogratz says bitcoin could surpass $100,000 by the end of the year.
- He told Bloomberg TV that political pushback is waning, which is positive for crypto.
- It doesn’t matter who becomes president in the long run because crypto has bipartisan support.
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Bitcoin could surpass $100,000 by the end of this year as political hurdles are cleared, said Michael Novogratz, CEO of Galaxy Digital. Bloomberg Television.
“If we take out $73,000 over the next week, we’ll end the year at $100,000. Somewhere around there, or even higher,” the crypto enthusiast said on Tuesday. This indicates a 40% gain from Wednesday’s price of $71,500.
As for why, Novogratz said that over the past few weeks he expects two things to catalyze a new rally for Bitcoin.
“More regulatory clarity, which I thought was a low probability at this point, and/or the Fed would start to act. We’re getting regulatory clarity,” he said. “And even though it’s not perfect, we have enough that people can now realize that it’s happening.
While this is still a 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 place ether exchange traded funds without hassle or refusal.
Meanwhile, Wisconsin’s purchase of approximately $163M in Bitcoin ETF Shares Last Quarter This demonstrates that even institutions and pension funds are adopting digital assets, Novogratz said.
But an “incredibly positive” thing is happening now on Capitol Hill, where Democrats are less inclined to treat crypto as a political issue, he noted.
While not all party members are anti-crypto, he said a select a few legislators led the party’s tough stance against these currencies. But now that’s changing with lobbying and as crypto plays a bigger role in election financing.
“The scale got bigger. That’s why the Democrats woke up. There was about $150 million on the way to $250 million in these crypto Super PACs,” he said.
When it comes to elections, former President Donald Trump would seem better suited to the industry, given his early embrace of space, he said, but it doesn’t matter who becomes president in the long run, given that pro-crypto rhetoric is becoming more and more prominent. increasingly bipartisan, he argued.
As political hurdles emerge, Novogratz expects this to lead to legislation that could spur the rise of cryptocurrencies. For example, if the Financial Innovation and Technology for the 21st Century Act, known as FIT21 invoice, is approved, it would allow big banks to continue selling and trading crypto, attracting a new wave of institutional funding, he said.
The proposed law aims to create a comprehensive regulatory framework for the US digital asset market.