Mike Novogratz, founder, and chief executive officer at Galaxy Digital Holdings Ltd., believes Bitcoin price will double by the end of the year.
“It feels like we’re going to consolidate a little bit in this $50,000 area … but the next big leg is up to US$100,000,” he said. “It wouldn’t surprise me at all if we crack $100,000 by the end of the year.”
The price of Bitcoin started the year at $30,000 and nearly increased twofold last week when it reached a new all-time high of $58,000.
However, it experienced a sharp correction that brought Bitcoin price below $50,000. It has since gained back some of those losses and is currently trading around $51,000.
Novogratz predicted the rally in November, saying Bitcoin price would reach $50,000 this year. His most recent projection is based his expectation that institutional investors will migrate to the cryptocurrency space.
“It surprises me that I’m saying that (based on) where I was in November, but the adoption I’m seeing is shocking,” he said.
“It’s not like I’m just guessing. I’m looking behind me, in front of me and seeing all these new projects that are coming; banks that are going to issue products for their wealth management businesses.”
Novogratz said that Bitcoin adoption among major financials is the next step. He expects Canada’s big banks to jump into the cryptocurrency fray soon.
Canada’s regulatory amenability to the cryptocurrency space contributes to the country’s “crypto DNA.” This was evidenced by Galaxy’s ability to list on the TSX and TSX Venture. As well as the recent availability of Bitcoin-based exchange-traded funds.
The United States won’t be far behind, opening up a new set of potential investors. “Every big bank in America is working on a wealth management product,” Novogratz said.
“So, we’re going to get into the Baby Boomers sooner than I thought we would.”
JPMorgan said earlier this year that Bitcoin could rally above $100,000 by the end of 2021, but warned such a surge would be unsustainable.
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