Bitcoin Price to Surpass Expectations in 2022 Galaxy Digital’s Mike Novogratz Says
Billionaire and Galaxy Digital Chief Executive Officer, Mike Novogratz, highlighted Bitcoin’s accelerated adoption rate during his firm’s latest earnings call.
Acknowledging the increased interest from investors and the continuing innovation that characterizes the crypto industry, the CEO expects Bitcoin’s price to surpass his previous 2022 expectations. He said:
“I had said originally, I thought this would be a rangy year, $30,000 to $50,000 in Bitcoin and whatnot
But given the adoption cycle I’m seeing and given the way markets trade and how I just see new people wanting to get in, the innovation we’re seeing in Web3 and in the metaverse space, I’ve gotten more constructive than I was at the beginning of the year.
And so it wouldn’t surprise me to see crypto significantly higher by the end of the year.”
Novogratz also reflected on the Russia-Ukraine war and the (positive) effect on crypto:
“We had a war break out in the Ukraine, where Russia has invaded. That’s interesting. It creates lots of inflationary pressures through the commodity cycle. It creates lots of risk, risk-off behavior and anxiety, but it also adds to a narrative in crypto, which is really positive and continues to accelerate adoption.
This has been a year of push-pulling crypto with macro headwinds and adoption tailwinds… Part of its story [involves] when Europe and the US told Russia, those [cash] reserves really aren’t your reserves.
For the first time in my investing career, people said, ‘Wait a minute. If that could happen there, what about China and its $1.4 trillion of treasuries?’
The story for Bitcoin and other crypto assets got more of a tailwind. I don’t think that is going backwards. I think we’re in a Balkanized world and where crypto assets fit in is going to continue to be debated, but it’s going to grow in scope.”
Lastly, the billionaire investor commented on changing views on crypto in Washington DC by highlighting Treasury Secretary Janet Yellen’s recent appearance on CNBC where she discussed the rising asset class:
“It should not be missed that Secretary Janet Yellen in her last comments took a much more sanguine approach towards crypto, right? The political winds in DC are changing.
I think Democrats who had been more opposed to crypto are realizing that voters really like this asset class. And so, you’re seeing a shift in regulatory front.”
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Source: igaming
