Mike Novogratz, founder and CEO of Galaxy Digital, a crypto-focused financial services firm, recently shared his optimistic views on Bitcoin in a program he attended on Bloomberg.
He stated that he expects BTC to end the year at a higher level than its current level, and that the upcoming approval of Bitcoin exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC) will be a major catalyst for BTC adoption.
Novogratz said that Bitcoin is consolidating between $28,000 and $32,000, and a break above the upper range could trigger a “nice upswing”.
He attributed the recent selling pressure to investors making some profits and liquidating the government's confiscated Bitcoin. He also said that the possible policy change of the FED could boost Bitcoin as an alternative asset.
BlackRock lauded the efforts of INVESCO and other ETF companies to bring Bitcoin to mainstream investors, saying they are “a real signal that adoption is imminent.”
He said that having the endorsement of Larry Fink, CEO of BlackRock, the world's largest asset manager, would make it easier for other institutional investors to enter the crypto space. He also stated that an ETF would provide a simple and secure way for individual investors to access Bitcoin.
However, he also expressed his disappointment with the SEC's slow and harsh approach to crypto regulation, saying that no major companies have passed the listing process. He added that his own firm, Galaxy Digital, is in the process of listing in the US, but cannot comment on details. He said he hopes for a change of mind or a change of management in the SEC to see real progress in crypto regulation in the US.
*Not investment advice.