Galaxy Digital CEO Mike Novogratz says Bitcoin reaching $100,000 is ‘just the start’

Galaxy Digital CEO Mike Novogratz believes Bitcoin (BTC) hitting the monumental $100,000 people is “just the start” for the flagship crypto.

Novogratz’s comments travel arsenic Bitcoin registers a caller all-time precocious adjacent $99,100, person than ever to the six-figure terms level, which immoderate reason could beryllium the apical for this cycle.

Speaking connected CNBC’s Squawk Box, Novogratz emphasized that surpassing $100,000 is “almost inevitable” astatine this point.

He added:

“Normally you deed 100, you bounce disconnected of it. I would not beryllium amazed if we spell overmuch higher. We are successful terms discovery, determination is not a batch of supply.”

Novogratz’s optimism stems from respective factors, the archetypal of which is simply a “paradigm change” brought by President-elect Donald Trump’s pro-crypto stance. He highlighted that Trump’s full furniture owns Bitcoin and is simply a proponent of integer assets.

He added:

“I deliberation the remainder of the satellite has to instrumentality notice, and we are seeing it. We are seeing the buying from the Middle East. Right now, it seems to beryllium an inexhaustible request from the nationalist equity market. You look astatine what MicroStrategy, astatine what Michael Saylor is doing, and that’s the large purchaser of crypto close now.”

Potential of a correction

Despite his optimism with Bitcoin flying past the $100,000 people with the spot to support increasing further, Novogratz cautioned that the existent marketplace leverage is besides highly high.

According to Coinglass, Bitcoin futures’ unfastened interest reached an all-time high connected Nov. 21.

Novogratz stated:

“There’s a ton of leverage successful the strategy close now. The crypto assemblage is levered to the gills, and truthful determination volition beryllium a correction.”

Despite the anticipated corrections, Novogratz remains optimistic astir Bitcoin’s floor, predicting it volition not retreat beneath $80,000, the level it hovered astir earlier Trump’s victory.

Novogratz besides highlighted the risks successful equities similar MicroStrategy, whose show mirrors Bitcoin’s volatile trends. 

MicroStrategy’s shares person skyrocketed 650% this year, fueled by its assertive acquisition of Bitcoin. The bundle institution precocious raised further superior done convertible bonds to grow its crypto holdings, which has captivated retail traders.

Other firms, similar Acurx Pharmaceuticals, look to beryllium pursuing MicroStrategy’s pb successful exploring Bitcoin for their equilibrium sheets. However, Novogratz cautioned against relying connected crypto-linked equities arsenic a proxy for nonstop investment. He advised:

“I personally would archer my investors to bargain consecutive Bitcoin.”

The station Galaxy Digital CEO Mike Novogratz says Bitcoin reaching $100,000 is ‘just the start’ appeared archetypal connected CryptoSlate.