Key Points
- Galaxy Digital’s CEO Mike Novogratz predicts Bitcoin could reach $100K by end-2024.
- Regulatory clarity and the Federal Reserve’s actions are the two key catalysts for this prediction.
Galaxy Digital’s founder and CEO, Mike Novogratz, believes that Bitcoin (BTC) could exceed its current value and reach $100K or more by the end of 2024.
In a recent interview, Novogratz suggested that if Bitcoin manages to reach $73K soon, it could end the year at $100K or even higher. The $73K mark represents the recent high reached in March.
Driving Factors for Bitcoin’s Potential Increase
When questioned about what could propel Bitcoin beyond the March high and reach his end-year target of $100K, Novogratz highlighted two main catalysts – regulatory clarity and actions of the Federal Reserve.
On the topic of regulation, Novogratz stated, “We’re getting regulatory clarity. Even though it’s not perfect, we’ve got enough that people now realize that this is coming.” He added that the overturned SAB 121, proposed by the SEC, would permit the Bank of New York, State Street, and others to enter the crypto custody business.
Furthermore, Novogratz mentioned that additional institutions are likely to invest in Bitcoin. This includes Goldman Sachs and City Bank, who will begin Bitcoin sales and trading if the infrastructure bill, FIT 21 Act, is approved.
Despite President Biden’s veto on the SAB 121, Novogratz remains optimistic about regulatory clarity. His sentiments were echoed by Bitwise CIO Matt Hougan, who stated, “The market is undervaluing the impact of Washington’s changing attitude towards crypto.”
Regarding the Federal Reserve’s actions, Novogratz suggested a potential interest rate cut before year-end could further boost risk-on assets, including Bitcoin.
At the time of writing, Bitcoin had exceeded $71K, but there was not enough trading volume to drive it higher, indicating that short-term consolidation could still be a possibility.
