Mike Novogratz, CEO of Galaxy Digital, believes that the $100,000 price of Bitcoin is just the "beginning" for this king of cryptocurrencies.
Novogratz's assessment came as Bitcoin reached an All-Time-High of $99,200, closer than ever to the six-figure mark, which some experts say could be the peak of the current cycle.
In an interview on CNBC's Squawk Box, Novogratz stated that Bitcoin surpassing the $100,000 mark is "almost inevitable" at this point.
He shared:
"Typically, when you get to $100,000, there will be some adjustment. However, I wouldn't be surprised if we continue to see strong growth. We are in a price discovery phase, and supply remains constrained."
Novogratz's optimism stems from several factors, including the "change in mindset" due to the pro-cryptocurrency policies of President-elect Donald Trump. He emphasized that the entire Trump cabinet owns Bitcoin and are strong supporters of digital assets.
He continued:
"I believe the rest of the world will have to pay attention to this, and we are witnessing that phenomenon. We are seeing increased buying from the Middle East, and there seems to be an insatiable demand from the public equity markets. Looking at what MicroStrategy and Michael Saylor are doing, they are the biggest buyers of cryptocurrencies at this time."
Although optimistic about Bitcoin's ability to surpass $100,000 and continue its strong growth, Novogratz warned that financial leverage in the market is currently at very high levels.
According to data from Coinglass, the open interest of Bitcoin Futures Contracts reached a record high on November 21.
Novogratz noted:
"There is a lot of leverage in the system right now. The cryptocurrency community is using leverage to a high degree, so we wouldn't be surprised to see an adjustment in the near future."
However, Novogratz remains confident in Bitcoin's floor, predicting that the price will not drop below $80,000, the level it maintained before Donald Trump's election victory.
Additionally, he emphasized the risks associated with stocks like MicroStrategy, which tend to be as volatile as Bit. The company's stock has grown 650% this year due to its aggressive Bitcoin acquisition strategy. The software company has also recently raised capital through convertible bonds to increase its Bit holdings, attracting the attention of retail investors.
Other companies, such as Acurx Pharmaceuticals, appear to be pursuing a similar strategy, using Bit on their balance sheets. However, Novogratz warned investors not to view these cryptocurrency-linked stocks as a direct Investment Vehicles for Bit. He advised:
"Instead of investing in these stocks, I would advise investors to buy Bit directly."
You can view the Bit price here.
Disclaimer: This article is for informational purposes only and not investment advice. Investors should do their own research before making decisions. We are not responsible for your investment decisions.
Join Telegram: https://t.me/tapchibitcoinvn
Twitter (X): https://twitter.com/tapchibtc_io
Tiktok: https://www.tiktok.com/@tapchibitcoin
Vuong Tien
According to Crypto Slate
