(Bloomberg) — Mike Novogratz, the founder of Galaxy Digital Holdings Ltd., said he expects Bitcoin to rise by the end of this year and predicted the US will approve Bitcoin exchange-traded funds.
Most Read from Bloomberg
“I think it ends the year higher,” Novogratz said in an interview on Bloomberg TV Wednesday. “We’re consolidating between $28,000 and $32,000.” He added that the digital currency would probably advance further after the Federal Reserve decides it’s done with interest-rate hikes.
Bitcoin fell 0.2% to $30,509 at 3:03 pm in New York. The biggest cryptocurrency has surged 18% in the past month and 84% this year, driven by optimism over the potential US approval of a Bitcoin ETF.
“People have made a lot of money, so there’s some supply pressure today,” Novogratz said.
Novogratz said approval of a Bitcoin ETF “is probably going to happen,” and the likes of BlackRock Inc. and Invesco will introduce broad adoption of Bitcoin to investors who couldn’t access the asset class previously.
If it happens, it’s the “seal of approval” from the Securities and Exchange Commission and the US government that this is an asset, Novogratz said.
Asked if Galaxy will be able to list in the US soon, Novogratz said his firm is “in the process,” but “it’s been a long and frustrating path.”
The Toronto-listed company has said it’s been working on a plan to become a Delaware-incorporated company and subsequently list on the Nasdaq, subject to an ongoing review by the SEC.
–With assistance from Sonali Basak.
Most Read from Bloomberg Businessweek
©2023 Bloomberg L.P.
