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Well-known cryptocurrency billionaire Mike Novogratz has announced that he expects the most significant cryptocurrency, Bitcoin (BTC), to rise considerably by the end of the year, bringing substantial gains to its investors.
Expecting Bitcoin to Rise after Exiting Consolidation Phase
Speaking to Bloomberg recently, Galaxy Digital CEO Novogratz stated that the cryptocurrency king’s consolidation phase, which is currently between approximately 28,000 and 32,000 dollars, is likely a precursor to a significant rise.
According to Novogratz, the driving force behind the rise in the Bitcoin price will be an increase in interest and demand for Bitcoin due to the US Federal Reserve’s (Fed) step back from strict monetary policy.
The famous cryptocurrency billionaire pointed out that the recent announcement regarding the exchange-traded fund (ETF) by BlackRock, the world’s largest asset management company, to the US Securities and Exchange Commission (SEC) did not significantly impact the price of the largest crypto, indicating that ETFs increased Bitcoin adoption.
Novogratz stated, “BlackRock, and giant ETF providers like Invesco, are a true signal that adoption is approaching.”
He Believes the SEC will Green Light a Spot Bitcoin ETF
The Galaxy Digital CEO remains optimistic that the American regulatory body, the SEC, will green-light a spot Bitcoin ETF, despite its pressure on the crypto market and the hesitation caused by its unconstructive interventions.
Novogratz added that such approval would essentially serve as a seal of approval from the US government, indicating that Bitcoin has indeed become a recognized asset class.
According to data provided by CoinMarketCap, Bitcoin is trading at 30,444 dollars, with a market value of 592.13 billion dollars, reflecting a 1.03% decrease in the last 24 hours. The data indicates that the leading crypto has risen over 16% in the last 30 days. Analysts agree that the first and most significant obstacle to Bitcoin’s rise is the region between 31,000 and 32,000 dollars.
