Mike Novogratz Believes Institutions Are Starting to Get Involved with Bitcoin
Last year, Galaxy Digital CEO Mike Novogratz made a bold prediction that Bitcoin could potentially surpass $69,000 by the end of 2024. He also stated that the influx of capital into crypto ETFs will be a driving force for the currency’s growth.
In January, Novogratz reaffirmed his forecast and pointed out that institutional investors are actively entering the ETF market.
During a recent appearance on CNBC, Mike Novogratz shared his thoughts on the future price of Bitcoin and the performance of companies in the digital currency market.
The emergence of spot crypto ETFs has opened up a legitimate avenue for high net worth individuals to invest in BTC.
The new instrument has attracted not only speculators, but also long-term investors. Despite the optimistic outlook, the Galaxy Digital CEO expressed doubts about the scenario proposed by Fundstrat’s founder and strategist, Tom Lee.
Lee predicts that Bitcoin will reach $150,000 by 2024, but Novogratz feels that this may not be a realistic scenario. Novogratz believes that Bitcoin’s appeal will only continue to grow if the Federal Reserve moves away from its tight monetary policies.
