Galaxy Digital head predicts bitcoin to stagnate at $30 000

Mike Novogratz stated that there is no flow of institutional capital at this point

09.08.2022 - 07:25

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What’s new? Mike Novogratz, CEO of investment firm Galaxy Digital, has said that bitcoin is unlikely to rise above the $30 000 level in the near future. In an interview with Bloomberg, he noted that there is currently no flow of institutional investors into the first cryptocurrency. Novogratz himself “would be happy” if BTC stopped for a while in the $20 000 to $30 000 range. Bitcoin is trading at $23 846 as of August 9, 07:50 UTC, having gained 0,18% in 24 hours, according to Binance.

Bloomberg’s material

What else did Novogratz add? In his opinion, Ethereum could reach the $2200 mark, given the momentum leading up to the upgrade to change the consensus algorithm from Proof-of-Work (PoW) to Proof-of-Stake (PoS), which is expected to be released in late September.

ETH is trading at $1777, the asset’s price increased by 2,61% per day.

Earlier, Novogratz predicted bitcoin to rise to $500 000 by 2027, noting that acceptance of the asset among institutional investors and financial institutions has not yet reached the necessary level. In June, he stated that the recovery of the crypto market would be influenced by the purchase of BTC by international hedge funds in the field of traditional finance. However, this requires the US Federal Reserve System (Fed) to stop raising interest rates.

Mike Novogratz is an American trader and investor and former head of the Goldman Sachs branch in Latin America. After leaving the firm, he founded his own investment company, Galaxy Digital. It had $1,7 billion in assets under management at the end of Q2 2022.

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