Bitcoin News and Finance
Novogratz Expects Bitcoin Price to Be ‘Significantly Higher’ After SEC Approves Spot Bitcoin ETFs Skip to main content

Novogratz Expects Bitcoin Price to Be ‘Significantly Higher’ After SEC Approves Spot Bitcoin ETFs

Novogratz Expects Bitcoin Price to Be 'Significantly Higher' After SEC Approves Spot Bitcoin ETFs

Galaxy Digital CEO Mike Novogratz expects the price of bitcoin to be significantly higher when the U.S. Securities and Exchange Commission (SEC) approves spot bitcoin exchange-traded funds (ETFs). “We will see a pretty successful shift of psychology … when the government says ‘you are allowed to buy bitcoin,'” he described.

Mike Novogratz’s Bullish Bitcoin Prediction

Galaxy Digital CEO Michael Novogratz explained why the price of bitcoin is poised to rise “significantly higher” in an interview on Bloomberg TV Wednesday. His bullish prediction hinges on the potential approval of the first U.S. spot bitcoin exchange-traded fund (ETF) by the Securities and Exchange Commission (SEC).

Novogratz detailed: “There’s a bunch of good things happening for bitcoin. We are going to get an ETF. Right now there’s a lot of anticipation. Some of that is built into the price.” He added that when you actually get a spot bitcoin ETF announcement, which he believes to be two months before it starts trading, Blackrock, Ark, Fidelity, as well as his own firm will “have their sales forces out convincing people to adopt bitcoin.” The Galaxy Digital boss emphasized:

The price is going to be significantly higher especially at the time when the Fed is probably cutting rates.

“So, could we go to old highs by this time next year? Of course, we could,” he added.

Regarding whether the price of bitcoin could rise higher than its all-time high by this time next year, Novogratz pointed out: “Remember, prices are set on the margin, and there aren’t that many sellers of bitcoin. We’re going to have the halving next year which means that the daily supply or inflation rate gets cut in half, so you are really setting up for a wonderful story.” Moreover, he noted: “We’re also going into election year and that uncertainty should help bitcoin in the fact that the U.S., Europe, and Japan still can’t come close to fiscally being responsible.”

Once spot bitcoin ETFs enter the market, Novogratz predicted that billions of dollars should flow into the ETF space, if not more. He emphasized:

That’s all new money. We will see a pretty successful shift of psychology … when the government says ‘you are allowed to buy bitcoin’ and institutions say ‘this is great.’

SEC Chairman Gary Gensler recently stated that the securities regulator is considering between eight and 10 spot bitcoin ETF applications. Many expect the SEC to approve multiple spot bitcoin ETFs at once early next year.

Do you agree with Galaxy Digital CEO Mike Novogratz’s prediction? Let us know in the comments section below.

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory