Galaxy Digital CEO: Bitcoin and Ethereum Could See Parabolic Moves
According to Galaxy Digital CEO Mike Novogratz, if institutions begin allocating small amounts of capital to digital assets, Bitcoin (BTC) and Ethereum (ETH) could surpass their previous all-time highs.
In an interview with CNBC, Novogratz states that the US government’s inability to maintain a budget and avoid deficits is actually positive for the crypto market. With the potential for higher inflation and lower interest rates, if institutions decide to allocate even just 1% of their portfolio to crypto, BTC and ETH would experience a supply shortage and go parabolic.
Novogratz believes that Bitcoin, in particular, is entering an unprecedented supply and demand dynamic that could push its price well above its previous peak. He predicts that BTC will reach $69,000 in the near future but wouldn’t be surprised if it goes even higher.
Current Prices
As of now, Bitcoin is valued at $42,411 while Ethereum is trading at $2,194.
Hot Take: Institutions’ Impact on Crypto Market
Galaxy Digital CEO Mike Novogratz suggests that if institutions start allocating small amounts of their portfolio to cryptocurrencies like Bitcoin and Ethereum, it could lead to a supply crunch and trigger parabolic moves in their prices. Novogratz points out that the US government’s growing budget deficit and projected 5% deficit for next year could result in higher inflation and lower interest rates. This scenario, combined with limited supply in Bitcoin and Ethereum, makes them attractive investment options. Novogratz believes that Bitcoin has the potential to surpass its previous all-time high of $69,000 and possibly go even higher.
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