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Highlights
- Mike Novogratz made a $100,000 price prediction for Bitcoin by the year’s end.
- The improved regulatory atmosphere in the US could spur a price surge.
- Bulls garner momentum from institutional firms increasing ETF exposure.
Galaxy Digital CEO, Mike Novogratz has projected a $100,000 Bitcoin price towards the end of the year. This prediction comes as the price goes above $70,000 with bulls attempting to hit near the all-time high set after the approval of spot Bitcoin ETFs. As most analysts and executives opine, crypto regulations in the United States are important to spur growth.
Mike Novogratz Points To $100,000 BTC Price
In a recent Bloomberg interview, Mike Novogratz explained that if the price of the asset soars to $73,000 next week, it can rally to $100,000 toward the end of the year. According to him, markets create ranges and since the asset price has hit $70,000, it falls within the $100k price range.
“… if we take out to $73,000 for the next week or so, we’re gonna end the year at $100,000, somewhere around there or even higher. Markets create ranges…”
The approval of spot Bitcoin ETFs this year has led to a spike in the asset’s price. Inflows into these funds are circling $60 billion as institutional investors increase their appetite for Bitcoin. As the bull run garners steam, bulls relish the mass accumulation from institutions.
Furthermore, recent events point to an increased adoption and positive macroeconomic outlook for the market leader. Novogratz what was a headwind is now becoming a tailwind. Institutional firms increasing Bitcoin exposure through ETFs is a positive indicator that more accumulation is happening.
Crypto Regulation To Propel Market
In recent weeks, crypto regulations have dominated industry spaces as executives seek rule clarity to bolster investment. Novogratz and other crypto executives lauded the emerging bi-partisan support received by the FIT21 bill. The bill which seeks to bring an air of regulation passed the House and now faces its fate in the US Senate.
However, the SAB 121 which the Senate overturned was vetoed by Joe Biden. The move sparked criticisms from the crypto community among users looking towards the Financial Innovation bill. Novogratz added that the market is getting regulatory clarity despite certain hurdles.
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