Galaxy Digital founder and CEO Mike Novogratz is laying out the potential path forward for Bitcoin (BTC) weeks after a slate of applications for spot BTC exchange-traded funds (ETFs) were filed with the U.S. Securities and Exchange Commission (SEC).
In a new CNBC interview, Novogratz says that he sees Bitcoin ending the year at a higher level than where it currently is.
According to the Galaxy Digital CEO, the Federal Reserve ending the rate hikes and possibly cuts is what could trigger a breakout for the largest crypto asset by market cap.
“I think it [Bitcoin] ends the year higher. We’re consolidating between $28,000 and $32,000.
I think if you take out the top [around $31,500], we’ll have a nice leg up. That might be when the Fed actually pivots and flinches.”
Novogratz says that the spot Bitcoin ETF applications filed by institutional investors such as Invesco and BlackRock are a net positive for Bitcoin.
“What I do think is BlackRock, Invesco… the group of ETF providers is a real signal that adoption is coming. Think about it… [BlackRock CEO] Larry Fink travels the world talking to the biggest pools of capital, it makes it really easy when he’s out there saying Bitcoin’s an alternative. And if you’re nervous about who’s your custodian, the ETF is a really easy first step. And it is a first step for a lot of people.
And so I just think if it happens, it’s the seal of approval from the SEC and the US government that this is an asset. And there is this giant infrastructure because remember it’s not just BlackRock. Like I said, Invesco is bigger in ETFs than BlackRock. And there are many players… the SEC is not going to approve one. So you’re going to have these giant sales forces out there giving access to people that didn’t have access before.”
Bitcoin is trading at $30,562 at time of writing.
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