The chief executive of crypto investment firm Galaxy Digital says that Bitcoin (BTC) may surge well beyond the $100,000 level.
In a new interview on CNBC’s Squawk Box, billionaire Mike Novogratz says that Bitcoin’s finite supply plus a growing demand sets the flagship crypto asset up for additional rallies after potentially hitting the $100,000 milestone.
“But you know, normally you hit $100,000, you bounce off of it. I would not be surprised if we go much higher. We’re in price discovery. There’s not a lot of supply.”
Crypto traders and analysts refer to price discovery as a situation where a coin trades at levels never seen before or not in seen in a long time.
He points out that when a large amount of selling recently occurred it was quickly absorbed by the US market.
“There had been a giant seller for the last week, between $92,000, $93,000 and $94,000, probably $14 billion to $15 billion of Bitcoin sold there. I know because we saw the buying. Not us personally, but the US market.”
Novogratz also says that the November 5th election of pro-crypto Donald Trump as US president is proving to be a significant bullish catalyst for Bitcoin and other digital assets.
“When Donald Trump got elected, there was a paradigm change, and we have a hard time trading paradigm changes. What I mean by that is four years with a really harsh regulatory and political climate for people in this industry, and now, open wide open. The entire cabinet – almost – owns Bitcoin and are proponents of digital assets…
So the people around that table are very pro this space. They’re pro-innovation. They’re pro digital assets. They’re pro Bitcoin. And I think the rest of the world has to take notice, and we’re seeing it.”
Bitcoin is trading for $97,349 at time of writing, up 3.5% in the last 24 hours.
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