Billionaire Mike Novogratz Foresees Single Catalyst For BTC’s Breakout

Mike Novogratz, founder, and CEO of Galaxy Digital, is portraying the probable route forward for Bitcoin (BTC) just weeks after a slate of applications for spot BTC exchange-traded funds (ETFs) were offered with the Securities and Exchange Commission of the United States.

In a new CNBC interview, Novogratz predicts that Bitcoin will conclude the year at a higher level than now.

 CEO of Galaxy DigitalStated, the Federal Reserve’s decision to stop expanding and possibly cutting interest rates is what might initiate a breakout for the most significant crypto asset by market cap.

“I think it [Bitcoin] ends the year higher. We’re consolidating between $28,000 and $32,000.

If you remove the top [around $31,500], we’ll have a nice leg up. That might be when the Fed pivots and flinches.”

According to Novogratz, the proposals for a spot Bitcoin ETF presented by large institutional investors like Invesco and BlackRock are a net plus for the cryptocurrency.

“What I think is BlackRock, Invesco… the group of ETF providers is an actual signal that adoption is coming. Think about it[BlackRock CEO] Larry Fink travels the world talking to the biggest pools of capital, and it makes it easy when he’s out there saying Bitcoin’s an alternative. And if you’re nervous about who’s your custodian, the ETF is a straightforward first step. And it is a first step for a lot of people.

And so if it happens, it’s the seal of approval from the SEC and the US government that this is an asset. And there is this giant infrastructure because it’s not just BlackRock. As I said, Invesco is bigger in ETFs than BlackRock. And there are many players… the SEC will not approve one. So you’re going to have these giant sales forces out there giving access to people that didn’t have access before.”

At the time of writing, the price of one bitcoin is $30,562.