s Bitcoin reaches and approaches $100,000, Galaxy Digital CEO Mike Novogratz a huge bitcoin believers, expects this to be inevitable and is just the start. As Bitcoin’s price surged closer to $99,100 per coin, Novogratz believes that demand and scarcity may take the price to new levels above the $100,000 mark.
Market Drivers
Several reasons are highlighted by Novogratz for Bitcoin’s future growth including Trump’s favourable stance towards Crypto and a cabinet that owns Bitcoin. He also talks about the continued demand from Middle Eastern based investors and corporate buyers like MicroStrategy.
Market Caution
However, Novogratz also pointed to very high market leverage at the moment with Bitcoin futures at the record open interest level, which is a very important indicator to take into consideration. There is possible correction to the downside, though he expects this to be supported at $80,000.
Direct Bitcoin Over Crypto Stocks
Still, Novogratz remains optimistic in the long term but to invest in Bitcoin, it is better to avoid investing in crypto tied equities pointing out that investing should be cautious.
