Regulation
Mike Novogratz Predicts $100,000 Bitcoin Price, Suggests 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, with bulls attempting to reach the all-time high set following the approval of Bitcoin spot ETFs. As most analysts and executives argue, crypto regulations in the US are important to spur growth.
Mike Novogratz targets BTC price of $100,000
In a recent Bloomberg During the interview, Mike Novogratz explained that if the price of the asset were to rise to $73,000 next week, it could reach $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 falls into the $100,000 price range.
“… if we get to $73,000 for the next week or so, we will finish the year at $100,000, somewhere around that level or even higher. Markets create gaps…”
The approval of spot Bitcoin ETFs this year has led to a surge in the asset’s price. Inflows into these funds are reaching $60 billion as institutional investors increase their appetite for Bitcoin. As the bull run gains traction, bulls appreciate mass accumulation by institutions.
Furthermore, recent events point to increased adoption and positive macroeconomic outlook for the market leader. In Novogratz what was a headwind is now becoming a tailwind. Institutional firms increasing exposure to Bitcoin through ETFs is a positive indicator that more accumulation is occurring.
Cryptocurrency regulation to stimulate the market
In recent weeks, cryptocurrency regulations have dominated industry spaces as executives seek clear rules to support investments. Novogratz and other crypto industry executives have lauded the emerging bipartisan support the has received FIT invoice21. The bill that seeks to provide an air of regulation passed the House and now faces its fate in the U.S. Senate.
however, the SAT 121 which the Senate overturned was vetoed by Joe Biden. The move sparked criticism from the crypto community among users eyeing the financial innovation bill. Novogratz added that the market is getting regulatory clarity despite some obstacles.