Galaxy Digital CEO Mike Novogratz says Bitcoin (BTC) is currently in a consolidation phase amid a rise in digital asset treasury companies showing interest in other cryptocurrencies.
In a new CNBC interview, Novogratz says Bitcoin could enjoy a massive rally before the end of the year, driven by the loosening of monetary policy in the US.
“Bitcoin’s in a consolidation right now partly because you’re seeing a lot of these treasury companies in other coins take their shot…
Bitcoin is kind of going sideways a little bit, I think, while these other ecosystems are having their moment. I think probably we have another big surge up towards the end of the year in Bitcoin as the Fed starts the cutting cycle.”
According to Novogratz, Bitcoin has carved a safe niche for itself that sets it apart from other crypto assets.
“I think Bitcoin as a store of value stands by itself. It’s digital gold, it’s going to be digital gold. It’s got a community of people that trust it.
Think about what blockchains are, or cryptos are. They’re communities of people that decided to trust their hard-earned wealth in this technology, in this community. Because we have a breakdown in trust in the government, in between political parties, [and] between countries. Trust is in a bear market and an accelerating one. And so I think Bitcoin is going nowhere.”
Bitcoin is trading at $114,558 at time of writing.
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