Galaxy Digital Founder Anticipates BTC Price Surge Due To This Reason

Samuel Edyme

1 year ago

3 mins read

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Mike Novogratz, founder of Galaxy Digital Holdings Ltd., recently gave his views about Bitcoin’s future and the anticipated approval of Bitcoin exchange-traded funds (ETFs) in the US, providing a glimpse into what might be in store for the world of crypto.

Novogratz’s insights, shared during an interview on Bloomberg TV, come at a crucial time when the crypto market is in flux, sandwiched between mounting regulatory concerns and a growing interest from mainstream investors.

BTC On An Upward Trajectory

Mike Novogratz paints a promising future for Bitcoin in the coming months. According to his predictions, the digital currency is set to witness a price surge by the end of the year. His focus is currently on Bitcoin’s consolidation between the price brackets of $28,000 and $32,000.

An interesting element of Novogratz’s prediction is the anticipated impact of the Federal Reserve’s monetary policy. He foresees a likely upward swing in Bitcoin’s value following the conclusion of the Federal Reserve’s interest-rate hikes.

The prevalent market conditions, according to Novogratz, have been influenced by ‘supply pressure.’ So he suggests that significant profits realized by some investors are largely responsible for this situation.

This viewpoint aligns with common investment market dynamics, where notable financial gains often result in an increase in selling pressure. Novogratz points out that this trend is playing out in the current Bitcoin market.

Anticipating Bitcoin ETF Approval

Mike Novogratz’s forecast for the future of Bitcoin doesn’t stop at predicting its market value. He also envisions the potential approval of Bitcoin Exchange-Traded Funds (ETFs) within the United States. This breakthrough could fundamentally alter the crypto investment landscape.

If this approval becomes a reality, it would pave the way for industry heavyweights such as BlackRock Inc. and Invesco. These investment titans could introduce Bitcoin to a more extensive investor base, including those who previously had no access to this asset class.

In Novogratz’s view, such approval would act as a ‘seal of approval’ from the Securities and Exchange Commission (SEC) and the US government. This validation would further establish Bitcoin’s credibility as an asset.

Turning to the topic of his own firm, Galaxy Digital Holdings, Novogratz gave insights into their pursuit of a US listing. He acknowledged that the process is in progress, but admitted that the journey has been slow and ‘frustrating.’

The Toronto-listed company has plans to reincorporate in Delaware with an eye to subsequently list on Nasdaq. However, these ambitions are currently subject to an ongoing review process by the SEC.

At present, Bitcoin’s trading activity has been noticeably centered below the $31,000 mark. Specifically, the digital asset was valued at $30,521 at the time of writing. Bitcoin has experienced a slight dip of nearly 1% over the last 24 hours.

Bitcoin price chart on TradingView — Bitcoin price is moving sideways on the 4-hour chart. Source: BTC/USD on TradingView.com

Featured image from Unsplash, Chart from TradingView

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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