- Crypto bull Michael Novogratz says bitcoin could surpass $100,000 by the end of the year.
- He told Bloomberg TV that political pushback is decreasing, which is positive for cryptocurrencies.
- It won't matter who becomes president in the long run as cryptocurrencies gain bipartisan support.
bitcoin It could surpass $100,000 by the end of this year as political obstacles clear, said Galaxy Digital CEO Michael Novogratz. Bloomberg TV.
"If we take out $73,000 in the next week, we will end the year at $100,000. Somewhere around there or even more," the cryptocurrency enthusiast said on Tuesday. That indicates a 40% gain from Wednesday's price of $71,500.
As for why, Novogratz said that in recent weeks he has been waiting for two things to catalyze a new bitcoin rally.
"More regulatory clarity, which I thought was a low probability at the time, and/or the Fed starting to act. We're getting regulatory clarity," he said. "And while it's not perfect, we have enough for people now to realize this is coming."
Although it remains a developing tailwind, there are clear signs that the government is changing its stance towards the industry.
Last month, the Securities and Exchange Commission surprised the markets by approving place ether exchange-traded funds without problems or setbacks.
Meanwhile, Wisconsin's purchase of around $163 million worth of bitcoin ETF shares last quarter This shows that even institutions and pension funds are embracing digital assets, Novogratz said.
But there's actually something "incredibly positive" happening on Capitol Hill, where Democrats are less inclined to treat cryptocurrencies as a political issue, he noted.
Although not all members of the party have been anti-crypto, he said that a select a few legislators They have led the party's tough stance against such currencies. But now, this is changing with lobbying and as cryptocurrencies play a larger role in election financing.
"The scale has gotten bigger. That's why Democrats woke up. There's been about 150 million on the way to $250 million in these crypto Super PACs," he said.
As for the election, former President Donald Trump would seem to be a better fit for the industry, given his early embrace of the space, he said, but it will matter less who becomes president in the long run, given that pro-crypto rhetoric is becoming increasingly popular. increasingly bipartisan, he argued.
As the political hurdles clear, Novogratz hopes it will lead to legislation that could spur the growth of cryptocurrencies. For example, if the Financial Innovation and Technology Act for the 21st Century, known as the FIT21 invoice, If approved, that would allow big banks to engage in cryptocurrency sales and trading, attracting a new wave of institutional financing, he said.
The proposed law seeks to create a comprehensive regulatory framework for the US digital asset market.
