Why Galaxy’s Michael Novogratz says Bitcoin will hit $100,000 by year’s end

Michael Novogratz, founder and CEO of crypto investment firm Galaxy Digital, is — surprise, surprise — bullish on Bitcoin.

The crypto billionaire told Bloomberg TV Tuesday that he believes Bitcoin’s price could hit $100,000 by year’s end.

“If we take up to $73,000 in the next week or so, we’re gonna end the year at $100,000, somewhere around there, or even higher,” he said.

Novogratz cited regulatory changes in the U.S government. Specifically, he referenced the Securities and Exchange Commission’s approval of Ethereum exchange-traded funds; bipartisan support in Congress for FIT121, the legislation that would provide a clearer regulatory framework for digital assets; and congressional support for the revocation of SAB 121, accounting guidance from the SEC that many in crypto oppose.

The repeal of SAB 121 passed both the House of Representatives and the Senate, but President Joe Biden vetoed the measure on Friday.

“We’re getting the regulatory clarity, and even though it’s not perfect, we’ve got enough that people now realise [that] this is coming,” Novogratz said in reference to a broader governmental acceptance of crypto.

Bitcoin’s resurgence

Novogratz’s optimism for Bitcoin comes amid a recent resurgence in the cryptocurrency’s price, which has buoyed the broader crypto market.

In mid-March, Bitcoin reached an all-time high of more than $73,000, and the total market capitalization of all cryptocurrencies approached $2.8 trillion, according to CoinGecko.

By early May, however, crypto fervour waned, and the largest cryptocurrency by market capitalization hovered near $56,000, bringing down the total market value of all cryptocurrencies with it.

Now, Bitcoin is approaching $71,000, and the total market capitalization for all cryptocurrencies has jumped to $2.67 trillion from an early May low of $2.33 trillion.

“If you bought Bitcoin and held it like most Bitcoiners do, you’re in the money,” Novogratz said.