Galaxy Digital Holdings (OTC BRPHF) CEO Mike Novogratz thinks multiple events like the expectancy around exchange-traded Bitcoin fund (ETF) approval, the US Federal Reserve’s action on rates, and a Bitcoin halving are coming together to create “a wonderful story.” Novogratz told Bloomberg Television, ‘There’s a bunch of good things happening for cryptocurrency markets… We are going to get one ETF; some of that is already built into the current price’. As for professionals rallying investors into a Bitcoin ETF once it where to be approved by the US Securities and Exchange Commission (SEC), Novogratz says his group, along with BlackRock, Ark, Invesco, and Fidelity, need to act decisively. Meanwhile, predicting a BTC bull run and hitting an YTD high of $38,742 – Bitcoin prices have improved by roughly 50% in the last three months.
Positive relations with the macroeconomic space and enthusiasm for a Bitcoin exchange fund proposal for January 2024 revive the crypto markets – with so many catalysts fusing together. Novogratz shared, ‘The cost will increase significantly, with the Fed possibly even making cuts– could Bitcoin reach its older highs within the next twelve months? Certainly!’. A $1,000 investment at the start of September would now be worth around $1,500 great in purely Bitcoin context, and sub $1,020 when comparing it to the S&P 500 and NASDAQ indices. Wrapping up by talking about the halving which will take place in the year 2021, Novogratz highlighted – ‘That translates into a potentially stunning narrative’.
