Cryptocurrency billionaire Mike Novogratz is anticipating that Bitcoin will see significant gains by the end of 2023.
During a recent Bloomberg interview, Novogratz suggested that the leading cryptocurrency's current consolidation phase, roughly between $28,000 and $32,000, will likely precede a substantial uptick.
This surge, according to him, might occur when the U.S. Federal Reserve pivots and flinches, possibly reacting to the increased interest and demand for Bitcoin.
Novogratz highlighted that BlackRock's recent announcement regarding its exchange-traded fund (ETF) did not seem to drastically impact Bitcoin's market price.
However, he suggested that this doesn't detract from the potential of ETFs in driving widespread adoption of Bitcoin. He remarked, "BlackRock, Invesco, the group of ETF providers, is a real signal that adoption is coming."Despite the SEC's historical hesitance towards crypto, the Galaxy Digital CEO is optimistic about the eventual approval of a spot Bitcoin ETF.
Novogratz suggested that such approval would essentially be a seal of approval from the U.S government, indicating that Bitcoin has truly become a recognized asset class.
He also mentioned the importance of giant sales forces, such as those of BlackRock and Invesco, giving access to people who previously had none.
However, Novogratz cautioned that the regulatory landscape in the U.S. remains challenging, with the SEC maintaining a "really tough" stance on cryptocurrencies.
He stated that a change of heart at the SEC or a change in administration may be necessary in order to see meaningful progress in crypto regulation in the U.S. Despite this, his overall outlook for Bitcoin and the crypto market remains bullish, expecting a higher trade by the close of 2023.