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Founder and CEO of the Galaxy Digital crypto investment fund, billionaire Mike Novogratz, has paid a visit to CNBC’s Squawk Box show to talk about his company going public on the Nasdaq exchange under the ticker GLXY.
He also made a bullish Bitcoin price prediction and stated that he expects it eventually to catch up with the gold market value.
Novogratz says the price he bought his first Bitcoin at
Novogratz gave the audience a brier recap of how his company came about, saying that he began to build it with a goal of creating a “Goldman Sachs of crypto.” The idea was to create this company as a bridge between the crypto market and financial institutions.
Novogratz revealed that many people tried to talk him out of creating this company. He mentioned that the same thing happened when he bought his first Bitcoin at about $100 around 2012-2013. But then, he said, “people got orange-pilled” first on Bitcoin and then on the whole idea of this decentralized revolution.”
Novogratz reckons that institutions began flowing into Bitcoin after BlackRock’s CEO Larry Fink got converted and bought Bitcoin after rejecting it for a while first. Novogratz has compared the expansion of crypto adoption now to a “snowball”, adding that he expects it now to keep picking up steam.
Currently, Galaxy Digital is expanding, building AI data bases and has undertaken Bitcoin mining as well.
Predicting a huge Bitcoin price surge
When asked about his thoughts on which direction the crypto market is likely to take now, will it go down or high, Mike Novogratz said that in late January, the $109,000 Bitcoin all-time high was reached thanks to a bunch of factors, including Trump’s inauguration.
After that, he said, crypto went back down to test the level at which the 2024 election Bitcoin break out took place. Now, the GLXY CEO believes, Bitcoin is likely to recover the January ATH level and then “make the next leg to $130,000, $150,000.” He did not name any specific time-frame, but from the overall context it sounded like a near-term prediction.
Eventually, he believes the crypto market will surge from the current level of $2 trillion to $22 trillion, catching up with gold.
Vladislav Sopov
U.Today Editorial Team