Billionaire Mike Novogratz Says Bitcoin Setting Up for ‘Wonderful Story’ Amid Several Bullish Catalysts
Billionaire Mike Novogratz says that Bitcoin (BTC) is gearing up for a massive surge to the upside as bullish catalysts line up.
In a new interview on Bloomberg Television, the chief executive of crypto asset manager Grayscale says that the top crypto asset by market cap is setting up for a “wonderful story.”
According to Novogratz, the creation of BTC spot market exchange-traded funds (ETF), Bitcoin’s upcoming halving, and the actions of the Federal Reserve are major catalysts that could see the king crypto match its all-time high or go even further by this time next year.
“There’s a bunch of good things happening for Bitcoin. We are going to get an ETF, there’s a lot of anticipation, some of that is built into the price. When you actually get the ETF announcement there’s probably still two months before it starts trading, and then once it starts trading, we’ll see.
If BlackRock and ourselves [and] Invesco and Ark and all these other institutions, Fidelity, have their sales forces out convincing people to adopt Bitcoin, the price is going to be significantly higher, especially at a time when the FED is probably cutting rates. And so, could we go to old highs by this time next year?
Of course, we could, and could we go higher, we’ll see. You have to remember prices are set on the margin and there are not that many sellers of Bitcoin. We’re going to have the halving next year, which means that the daily supply or inflation rate gets cut in half and so you really are setting up for a wonderful story.”
Bitcoin is trading for $38,813 at time of writing, a 2.93% gain during the last 24 hours.
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