Galaxy Digital founder and CEO Mike Novogratz made some important remarks about the future of Bitcoin and the crypto market during a recent broadcast appearance with Anthony Scaramucci.
Assessing current market dynamics and institutional investor interest, Novogratz suggested that the sector has entered a “new phase.”
Novogratz said Bitcoin’s upward momentum is so strong that it has focused attention on specific areas of price movement. He predicted that Bitcoin could encounter some resistance in the $82,000 to $86,000 area, but stressed that momentum is still rising.
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The high-profile CEO argues that things will change once the $100,000 level is crossed, and believes prices could rise even faster from that point on.
Novogratz said U.S. retail investors have returned to the market in strength. Novogratz described Michael Saylor as a “magician” and said MicroStrategy was being used as a “Bitcoin proxy.” He claimed that the company’s continued accumulation of Bitcoin from the market is putting significant pressure on supply, and there is not enough supply to support $1 billion in weekly purchases.
He added that investors now have easy access to cryptocurrencies through spot ETFs and advisory channels from large institutions like Morgan Stanley, sustaining demand.
*This is not investment advice.
