Mike Novogratz, CEO of Galaxy Digital, believes that Bitcoin hitting $100,000 is just the beginning, with potential for even higher price levels in the future. He attributes this optimism to a “paradigm change” brought on by President-elect Donald Trump’s pro-crypto stance and the increasing demand for digital assets from around the world.
Novogratz acknowledges the high market leverage in the current system, warning of a potential correction due to the excessive leverage in the crypto community. Despite this, he remains confident that Bitcoin’s floor will not drop below $80,000, citing the ongoing interest from retail traders and institutions like MicroStrategy who are actively acquiring Bitcoin.
MicroStrategy’s aggressive Bitcoin acquisitions have led to a 650% increase in its shares this year, sparking interest from other companies like Acurx Pharmaceuticals to explore Bitcoin for their balance sheets. However, Novogratz advises investors to directly invest in Bitcoin rather than using crypto-linked equities as a proxy.
As Bitcoin approaches the $100,000 mark, Novogratz predicts further price appreciation fueled by strong demand from retail traders and institutions, such as MicroStrategy, investing heavily in Bitcoin. Despite warning of potential corrections due to high market leverage, he remains optimistic about Bitcoin’s long-term growth potential.
