Mike Novogratz, CEO of Galaxy Digital, opined that Bitcoin could quickly surpass its 2021 all-time high once the SEC gives the green light to BTC ETFs.
Bitcoin (BTC) advocate Mike Novogratz predicts a return to all-time highs (ATH) followed by exponential growth for the king of crypto tokens after the US Securities and Exchange Commission (SEC) issues approvals for spot Bitcoin ETFs, a development widely expected in January 2024. .
Prices are set at the margin, so all of that is new money. We will see a pretty successful psychology shift when the government says you can buy Bitcoin.
Mike Novogratz, CEO of Galaxy Digital
Novogratz added that a climb back to $69,000, Bitcoin’s previous 2021 ATH, should occur within a year as the SEC’s endorsement of BTC spot ETFs should draw broad interest from retail investors and institutions alike.
Bitcoin fell to $16,000 less than two years after its ATH due to multiple major drops in the crypto industry. Entities such as Terraform Labs, Three Arrows Capital and FTX, which together represented billions of digital assets, fell into bankruptcy throughout 2022.
However, BTC has seen a resurgence in demand following BlackRock’s request for a spot Bitcoin ETF. Several other issuers such as ARK Invest, Bitwise, Valkyrie and WisdomTree followed suit, while GBTC issuer Grayscale attempted to convert its Bitcoin trust into a spot ETF.
Since September, Bitcoin is up more than 45 percent and has traded around $37,000 according to TradingView data.
These filings have also spurred interest in cryptocurrencies’ second-largest token by market capitalization, Ethereum, with asset managers like Fidelity seeking approval for ETFs that invest in the number one altcoin.
