Galaxy Digital CEO Mike Novogratz sees “a tremendous global demand for bitcoin,” emphasizing: “This is probably the first time in the history of bitcoin that we have true price discovery.” Noting that there is “a new army of buyers” and there is also “an army of salespeople,” he expects the price of bitcoin to be “much higher.”
Galaxy Digital Sees 'Tremendous Global Demand for Bitcoin' — CEO Says 'There's a New Army of Buyers'
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Mike Novogratz’s Bitcoin Outlook
Galaxy Digital CEO Mike Novogratz shared his bitcoin outlook in an interview with Bloomberg on Thursday. The executive described:
This is probably the first time in the history of bitcoin that we have true price discovery … There’s a new army of buyers. There’s an army of salespeople.
He explained that what he meant by true price discovery is “this is the first time that anyone who wants to buy [ bitcoin] has easy access to buy it.” He pointed out that Baby Boomers hold a staggering $85 trillion in wealth, and the majority of this wealth is managed through registered investment advisors (RIAs). Noting that at least half of these RIAs now have the capability to invest in bitcoin ETFs, Novogratz emphasized that this accessibility is driving a significant influx of new bitcoin owners, resulting in “a frenzy in the whole crypto ecosystem.”
When asked about what the price of bitcoin would be a year from now, he promptly replied: “Much higher.” He opined: “How do you put yardsticks around something? But we know gold is a $12 trillion asset, bitcoin’s about a 10th of gold. Could they be half of gold? At one point, Sure, it could … And at some point, it will be larger than gold. Again, for every Charlie Munger … that money is finding its way into Gen Z and Millennials, and they feel much more comfortable with digital gold than old clunky gold.”
Novogratz then discussed the halving and the supply of bitcoin, noting that before the halving, “it’s about $54 million a day of new supply.” The executive shared: “We have one customer who is one of the retail apps that pretty much buys $30 million to $35 million a day just with us, and I’m sure we’re not the only person they buy with.” Novogratz emphasized:
There is a tremendous global demand for bitcoin.
The Galaxy Digital boss also addressed crypto regulation. “We have had a very regulatory unfriendly regime of the last four years,” he stressed. “We’re seeing some thawing of that in D.C.” However, he doesn’t expect significant progress until after the election. “It’ll happen as soon as we get a fresh start,” Novogratz concluded.
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