Galaxy Digital CEO Mike Novogratz says that his bullish outlook on Bitcoin (BTC) has only strengthened in the last six months.
In a new CNBC interview, Novogratz says that steady retail trading so far in 2023 and the possibility of spot Bitcoin exchange-traded funds (ETFs) makes him even more confident in his bullish position on the king crypto.
“Bitcoin’s got the additional adoption cycle, right? What drove Bitcoin this year was retail and they continue to buy and they continue to buy. And now we’ve got an ETF on the way. And so I’m more comfortable being long Bitcoin today than I was six months ago. Six months ago, it was scary. Now we see the future kind of spilling out.”
Novogratz also says that while there is tension between Bitcoin and regulators as well as central banks, he believes that Bitcoin adoption is only going to increase after the top-performing digital asset survived difficult situations including scandals and high-interest rates.
Six months ago, Bitcoin suffered from the fallout of the FTX scandal and dropped to the $16,000 level.
“I like to think of Bitcoin as digital gold, a store of value. That keeps the tempers or the nerves of central bankers down a little bit. When you start talking currency, they get nervous. But there’s that tension there.
But the cat is out of the bag. Bitcoin is not going away. You threw everything you could at it and it’s up 80% on the year with interest rates higher. And so the adoption cycle continues. Big ideas are almost impossible to kill, and this is a really big idea.”
Bitcoin is currently trading for $29,812 at time of writing, down 0.2% during the last 24 hours.
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