Galaxy Digital CEO Mike Novogratz Bullish on Bitcoin
Galaxy Digital CEO Mike Novogratz believes that Bitcoin hitting the monumental $100,000 mark is just the beginning for the flagship cryptocurrency. As Bitcoin reaches a new all-time high near $99,100, Novogratz sees the potential for it to go even higher.
Novogratz’s Optimism
In an interview on CNBC’s Squawk Box, Novogratz stated that surpassing $100,000 is almost inevitable at this point. He mentioned that in price discovery, with limited supply, Bitcoin could continue to rise significantly.
“Normally you hit 100, you bounce off of it. I would not be surprised if we go much higher. We are in price discovery, there is not a lot of supply.”
Potential Correction Ahead
Despite his optimism, Novogratz also cautioned about the high market leverage in the current scenario. He pointed out that Bitcoin futures’ open interest reached an all-time high, indicating a considerable amount of leverage in the system.
“There’s a ton of leverage in the system right now. The crypto community is levered to the gills, and so there will be a correction.”
However, Novogratz remains confident that Bitcoin’s floor will not drop below $80,000, a level it maintained before recent events.
Risks in Equities
Novogratz also highlighted the risks associated with equities like MicroStrategy, whose performance closely mirrors Bitcoin’s volatile trends. He advised investors to consider buying Bitcoin directly rather than relying on crypto-linked equities as a proxy for investment.
“I personally would tell my investors to buy straight Bitcoin.”
