Mike Novogratz, CEO of Galaxy Digital, has made a bold prediction regarding the price of bitcoin. In an interview with Bloomberg, Novogratz stated that he believes bitcoin could reach $100,000 or more by the end of the year. He attributes this potential surge in price to the positive political environment for digital assets in the United States.
Novogratz expressed his optimism regarding the current sentiment towards cryptocurrencies, highlighting the progress being made by the U.S. Securities and Exchange Commission (SEC) in approving exchange-traded funds (ETFs) that invest directly in ether (ETH). He also pointed out the increase in political donations supporting pro-crypto candidates, with major players like Ripple, Coinbase, and Andreessen Horowitz (a16z) contributing $25 million each to the Fairshake Super Political Action Committee (PAC).
The support from presidential candidates is also worth noting, as candidates strive to demonstrate their backing of the crypto sector. Former President Donald Trump, before his conviction on multiple felony counts, pledged to halt the Biden administration's anti-crypto initiatives and support the industry.
Novogratz believes that the momentum is shifting in favor of cryptocurrencies, stating that "we are getting skewed to the upside" and that Washington, D.C. has recognized the need for bipartisan crypto legislation.
However, the industry recently faced a setback when President Joe Biden vetoed a resolution aimed at overturning the controversial SEC Staff Accounting Bulletin 121 (SAB 121). This resolution had received support from both the House of Representatives and the Senate.
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