The chief executive of crypto investment firm Galaxy Digital says that Bitcoin (BTC) is undergoing true price discovery for the first time in its history.
In a new interview with Bloomberg Television, Mike Novogratz says that the flagship digital asset will finish 2024 at a much higher price.
According to the CEO, wealth is pouring into Bitcoin from all angles after the approval of BTC exchange-traded funds (ETFs) in January. ETFs give investors exposure to an asset without them having to actually purchase it.
“This is probably the first time in the history of Bitcoin that we have true price discovery. And what I mean by that is this is the first time that anyone who wants to buy it has easy access to buy it. Baby boomers have $85 trillion of wealth.
Their wealth is, for the most part, managed through registered investment advisors, who now at least half of them are some. Some portion of them can just buy the ETF and they are seeing, you know, a step function and new owners of Bitcoin, which is driving, I would say, a frenzy in the whole crypto ecosystem.”
Novogratz goes on to say that he expects a correction for the top crypto asset by market cap in the near future but ultimately predicts BTC will shoot past its all-time high of $69,000 set in November 2022.
“All the kind of public equity bellwethers really went parabolic along with Bitcoin and so I wouldn’t be surprised to see some correction and some consolidation, but I’m very loathe to pick a Bitcoin high because I really do believe this is price discovery where we test the old high most likely and they’ll probably have some consolidation, but I still think we’re going down the year much higher.”
Bitcoin is trading for $61,436 at time of writing, a fractional increase during the last 24 hours.
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