Investment mogul Mike Novogratz predicts that Bitcoin will experience a rise in value by the end of this year. In a recent interview with Bloomberg TV, Novogratz stated that Bitcoin is currently consolidating between $28,000 and $32,000. He believes that once the Federal Reserve decides to end interest rate hikes, the digital currency will likely advance even further. Currently, Bitcoin has fallen by 0.2% to $30,509.
Novogratz also expressed his optimism about the potential approval of a Bitcoin Exchange Traded Fund (ETF) by the United States. If approved, companies like BlackRock Inc. and Invesco would introduce the asset class to investors who previously had limited access. Novogratz considers the approval of a Bitcoin ETF as a stamp of approval from the U.S. government and the Securities and Exchange Commission (SEC) that Bitcoin is indeed an asset.
While Novogratz’s firm, Galaxy Digital Holdings Ltd., is working towards listing in the United States, the process has been somewhat challenging. Galaxy is aiming to become a Delaware-incorporated company and list on Nasdaq, but it is currently undergoing review by the SEC.
In recent years, Bitcoin has gained significant attention and investment, with its value increasing by 84% this year alone. This surge in interest is largely driven by the potential approval of a Bitcoin ETF in the United States.
It is clear that Novogratz’s predictions and confidence in Bitcoin’s future performance, along with the potential approval of a Bitcoin ETF, are contributing to the overall positive sentiment surrounding the digital currency. However, it is important to note that there are always risks associated with investing in cryptocurrencies, and individuals should do their own research before making any investment decisions.
