The CEO of crypto investment firm Galaxy Digital says Bitcoin (BTC) is undergoing real price discovery for the first time in its history.
In a new interview with Bloomberg Television, Mike Novogratz say that the flagship digital asset will end at a much higher price in 2024.
According to the CEO, wealth is flowing into Bitcoin from all angles following the approval of BTC Exchange Traded Funds (ETFs) in January. ETFs give investors exposure to an asset without having to actually buy it.
“This is probably the first time in Bitcoin history that we have real price discovery. And what I mean by that is this is the first time that anyone who wants to buy it has easy access to buy it. Baby boomers have a net worth of $85 trillion.
Their assets are largely managed by registered investment advisors, at least half of which now consist of some. Some of them can just buy the ETF and they see, you know, a step function and new owners of Bitcoin, which, I would say, creates a frenzy in the entire crypto ecosystem.”
Novogratz goes on to say that he expects a correction for the major crypto assets by market cap in the near future, but ultimately predicts that BTC will shoot past its all-time high of $69,000 set in November 2022.
“All types of public equity indicators went really parabolic with Bitcoin and so I wouldn’t be surprised if there was some correction and some consolidation, but I hate picking Bitcoin high because I really believe that this is price discovery is. where we will most likely test the old high and probably have some consolidation, but I still think we’ll go much higher this year.”
Bitcoin is trading at $61,436 at the time of writing, up fractionally over the past 24 hours.
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