Mike Novogratz Expects Bitcoin to Hit $100K by Year-End as US Political Support for Crypto Grows

Novogratz’s $100K Bitcoin Price Prediction

The chief executive of Galaxy Digital, Mike Novogratz, shared his bitcoin price expectation in an interview with Bloomberg on Tuesday. He explained that a favorable U.S. political climate for digital assets could push bitcoin to a record high of $100,000 or more by year-end. Novogratz stated:

If we take $73,000 in the next couple of weeks or so, we are going to end the year at $100,000 or higher … That is a good enough target.

The Galaxy Digital executive noted that sentiment toward cryptocurrencies has become more positive in recent weeks. The U.S. Securities and Exchange Commission (SEC) has made progress toward approving exchange-traded funds (ETFs) that invest directly in ether ( ETH). Additionally, political donations supporting pro- crypto candidates have surged, with presidential candidates vying to demonstrate their support for the sector.

Ripple, Coinbase, and Andreessen Horowitz (a16z) recently donated $25 million each to the Fairshake Super Political Action Committee (PAC) to help support pro- crypto candidates. Presidential candidate and former U.S. President Donald Trump promised before he was convicted of 34 felony counts to stop the Biden administration’s anti- crypto initiatives and support the crypto sector.

Novogratz continued:

I think we are getting skewed to the upside … We kind of got to the finish line. DC has finally agreed in principle that crypto legislation has to happen, that should be bipartisan.

However, the cryptocurrency industry faced a setback last week when Biden vetoed a resolution that would have overturned the controversial SEC Staff Accounting Bulletin 121 (SAB 121). The resolution passed both the House of Representatives and the Senate with bipartisan support.

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