Mike Novogratz, CEO of Galaxy Digital, a financial services company focused on digital assets, harbors doubts about a short-term boom in the price of bitcoin (BTC). According to him, BTC is unlikely to rise above the symbolic bar of 30,000 dollars anytime soon.
In his latest interview with Bloomberg, Mike Novogratz shared his thoughts on bitcoin’s growth prospects. In fact, he believes that BTC will fluctuate within a limited price range.
“Will bitcoin cross $30,000 on this rally? We’ll see – I doubt it. I think we’ll probably stay in that range now. Frankly, I would be happy if we were in the $20,000, $22,000 or $30,000 range for a while”he said.
The businessman justifies his prediction because institutional investors have not come to the cryptocurrency market recently. In other words, very little capital has been put into the sector. This would go a long way in turning the tide as it was in 2017 and 2021. That said, Novogratz is very happy with this situation, which is a gateway for newcomers. But it’s also an opportunity for the smartest insiders to accumulate more cryptocurrencies.
Novogratz also gave his opinion on Ethereum and its future development. For this cryptocurrency enthusiast, the upgrade of the network to The Merge should be a great addition to this blockchain. He predicts that the price of ether (ETH) will rise above $2,200.
At the time of writing, bitcoin is trading around $24,000. Earlier this morning, it crossed the $25,000 mark, the highest level since mid-June. Recall that it had fallen to $17,500 at that time, causing panic in the cryptosphere.
Get a summary of the news in the world of cryptocurrencies by subscribing to our new daily and weekly newsletter service so you don’t miss any of the essential Cointribune!
I came to blockchain out of curiosity and stayed with it out of passion. I was amazed by the possibilities it offers through its various use cases. With my pen, I hope to help democratize this technology and show how it can help make the world a better place.