Mike Novogratz Says Bitcoin Rally Will Continue To $100k in 2021
Sidelined Wall Street legend Mike Novogratz, founder and CEO of Galaxy Digital Holdings has recently predicted that the bitcoin bull run will continue until the asset’s price hits $100,000.
Bitcoin’s Price To Double By Year-End
In an interview with Bloomberg on Thursday, Novogratz said that bitcoin might stay within the $50,000 mark for a little while, but it will ultimately get to $100,000 this year.
He said, “It feels like we’re going to consolidate a little bit in this US$50,000 area … but the next big leg is up to US$100,000. It won’t surprise me at all if we crack $100,000 by the end of the year.”
Novogratz’s statement comes just a few days after the crypto industry saw a massive correction in bitcoin’s price, with the asset plunging by more than 20 percent.
Despite the dump, bitcoin is currently trading above $50,000. The asset’s price has been on the increase since the beginning of 2021. It has moved from below $30,000 in January to hit a new all-time high above $58,000 last week.
Institutional Interest Fueling Bitcoin Rally
Novogratz admitted that he finds the rate at which institutional investors are flocking to the cryptocurrency industry “shocking.”
He acknowledged that with this remarkable change in how traditional financial services providers view cryptocurrencies, fueling the rally, his prediction of a $100k bitcoin is not so far-fetched.
Novogratz asserted that he expects major banks, including the top banks in Canada, to join the trend. He also noted that US financial service providers would soon join the crypto bandwagon.
He adds, “It’s not like I’m just guessing. In front of me, I’m looking behind me and seeing all these new projects that are coming; banks that will issue products for their wealth management businesses… Every big bank in America is working on a wealth management product. So, we’re going to get into the Baby Boomers sooner than I thought we would.”
Novogratz has always been a Bitcoin proponent. Last year, he predicted that the crypto-asset would hit the $20k mark before the end of 2020 and was still bullish even after the March crash. The rest is history.