The chief executive of crypto investment firm Galaxy Digital says that Bitcoin (BTC) may surge well beyond the $100,000 level.
In a new interview on CNBC’s Squawk Box, billionaire Mike Novogratz says that Bitcoin’s finite supply plus a growing demand sets the flagship crypto asset up for additional rallies after potentially hitting the $100,000 milestone.
“But you know, normally you hit $100,000, you bounce off of it. I would not be surprised if we go much higher. We’re in price discovery. There’s not a lot of supply.”
Crypto traders and analysts refer to price discovery as a situation where a coin trades at levels never seen before or not in seen in a long time.
He points out that when a large amount of selling recently occurred it was quickly absorbed by the US market.
“There had been a giant seller for the last week, between $92,000, $93,000 and $94,000, probably $14 billion to $15 billion of Bitcoin sold there. I know because we saw the buying. Not us personally, but the US market.”
Novogratz also says that the November 5th election of pro-crypto Donald Trump as US president is proving to be a significant bullish catalyst for Bitcoin and other digital assets.
“When Donald Trump got elected, there was a paradigm change, and we have a hard time trading paradigm changes. What I mean by that is four years with a really harsh regulatory and political climate for people in this industry, and now, open wide open. The entire cabinet – almost – owns Bitcoin and are proponents of digital assets…
So the people around that table are very pro this space. They’re pro-innovation. They’re pro digital assets. They’re pro Bitcoin. And I think the rest of the world has to take notice, and we’re seeing it.”
Bitcoin is trading for $97,349 at time of writing, up 3.5% in the last 24 hours.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any…
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