Mike Novogratz, a cryptocurrency billionaire, believes that by the end of 2023, Bitcoin will have increased significantly.
In a recent interview with Bloomberg, Novogratz predicted that the current consolidation period for the top cryptocurrency, which is now trading between $28,000 and $32,000, will likely be followed by a significant upswing.
According to him, this spike might happen when the US Federal Reserve flinches and pivots, perhaps in response to the rising interest in and demand for Bitcoin.
Novogratz emphasised that the market price of Bitcoin did not appear to be much affected by BlackRock’s recent statement on its exchange-traded fund (ETF).
He asserted that this doesn’t diminish the potential of ETFs to promote broad acceptance of Bitcoin, though. As he put it, “BlackRock, Invesco, the group of ETF providers, is a real signal that adoption is coming.”
Although the SEC has historically been wary of cryptocurrencies, the CEO of Galaxy Digital is hopeful that a spot Bitcoin ETF will eventually be approved.
According to Novogratz, such clearance would effectively represent the U.S. government’s mark of approval, proving that Bitcoin has successfully established itself as a legitimate asset class.
Additionally, he stressed the significance of massive sales forces, like those of BlackRock and Invesco, in granting access to individuals who previously lacked it.
Although the SEC continues to take a “really tough” position on cryptocurrencies, Novogratz issued a warning that the regulatory environment in the United States is still difficult.
According to him, for there to be any real advancement in U.S. crypto regulation, the SEC may need to alter its mind, or there may need to be a change in administration. Despite this, he maintains an optimistic overall prognosis for Bitcoin and the cryptocurrency sector, anticipating increased commerce by 2023’s end.
