Mike Novogratz – a bitcoin bull and billionaire behind the hedge fund Galaxy Digital – is confident about BTC’s sudden price increases. He believes the currency could hit $30K in the coming weeks, and he’d be extremely “happy” if the asset stayed at that price through the end of the year.
Mike Novogratz Doesn’t Think 2023 Will Be a Year of Huge Gains
At first glance, this doesn’t sound like the opinion of a true bull. One who falls into this category would likely think bitcoin has every shot at reaching $200K or more. This is the sentiment of people like Tim Draper, a venture capitalist and mega fan of the growing digital currency arena. At the same time, one could argue that Draper and those like him have one foot rooted in fantasyland given they’re stating this price could be reached by the end of 2023.
For that to happen, bitcoin would have to increase its price by roughly eight times its present figure. Given we’re already in March and there’s only nine months left in 2023 for this to happen, it would really take bitcoin to be at the top of its game for this price to be hit, and the fact remains that there’s still quite a bit of healing to be had following the disaster that was 2022.
Novogratz commented in an interview:
When I look at the price action, when I look at the excitement of the customers calling, the FOMO building up, it wouldn’t surprise me if we were at $30,000 by the end of the quarter. I would’ve given both my shoes for that to be true just six weeks ago. Like if we end the year at $30,000, I will be the happiest guy.
2022 was the worst year on record for BTC. The world’s number one digital asset was trading at a new all-time high of approximately $68,000 per unit in November of 2021, though about one year later, the currency was trapped in the mid-$16K range, the figure it ultimately ended the year at. Overall, the asset lost more than 70 percent of its value.
Sadly, many other digital assets chose to follow in BTC’s footsteps, which ultimately caused the crypto space to decrease in valuation by more than $2 trillion. It was an ugly and depressing sight for many, especially to those that had stood by the industry since the beginning.
The Fed Keeps Doing Its Thing
For the most part, Novogratz doesn’t think 2023 is going to be a stellar year for BTC given the Fed is still planning to keep rates high to thwart inflation. He said:
What makes me skeptical that we can have the explosive back-to-the-old highs this year is chairman Powell. He’s really doing what he says he’s going to do, and I don’t see the Fed pivoting and cutting anytime soon.