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Home»Bitcoin»Novogratz predicts Bitcoin could ‘take off and measure to $150,000’
Bitcoin

Novogratz predicts Bitcoin could ‘take off and measure to $150,000’

2024-02-26No Comments3 Mins Read
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Posted: February 26, 2024


  • Exec views traditional finance as key to Bitcoin’s next growth phase
  • Novogratz believes BTC’s future is bright, despite short-term price dips

The enthusiasm for Bitcoin exchange-traded funds (ETFs) shows no signs of waning, with expectations of sustained growth and adoption in the sector. Michael Novogratz, CEO of Galaxy Digital, is a staunch believer in this trend. Speaking to Forbes, Novogratz claimed,

“The adoption of Bitcoin has been a generational shift, with younger generations embracing it as a means of rebalancing the economic scales inherited from the Baby Boomers….. I anticipate a gradual but steady increase in Bitcoin allocations within investment portfolios as RIAs recognize its potential for diversification and wealth preservation.”

Novogratz also highlighted the inevitability of cryptocurrency’s integration into the financial system, spurred on by anticipated legislative developments within the next year and a half. Despite skepticism around Bitcoin’s (BTC) value, he compared its significance to that of gold, underscoring its utility as a store of value.

Is Bitcoin replacing gold? Experts say yes

Investors are increasingly favoring Bitcoin ETFs over traditional gold ETFs, a trend observed by Lawrence Lepard, Investment Manager at Equity Management Associates. In an interview with Simply Bitcoin, Lepard critiqued the skepticism surrounding the purity of Bitcoin ETFs.

“It’s a lot harder to manipulate this stuff (Bitcoin) than it is gold……gold never went up 5x in 18 months the way Bitcoin has.”

He attributed this resilience to the extensive and deeper paper markets associated with gold. The exec highlighted the practices around the GLD ETF that facilitated the creation of paper gold without leading to significant price increases. 

See also  Friday Fire: Insane Strategic Bitcoin Reserves Planned 🔥🚀💰

Jason Benowitz, Senior Portfolio Manager at Roosevelt Investment, further supported this shift toward Bitcoin ETFs. He envisions BTC potentially replacing gold in investor portfolios. According to Benowitz, Bitcoin could serve a similar function as gold. It could act as a hedge against global instability and financial system flaws. 

Bitcoin’s monetary superiority

Lepard’s recent engagement on X (formerly Twitter) introduced a crucial argument to the discourse. He countered Gary Black’s critique by outlining a model that conceptualizes Bitcoin’s potential value against the world’s total fiat wealth. He concluded that the king coin has superior monetary characteristics.

The model is pretty straightforward. A. $700T of fiat wealth. B. 21 million Bitcoin. Make your own assumption about what percentage of fiat wealth is held in #Bitcoin . Divide. Right now $1T of wealth is held in Bitcoin. If all fiat wealth were denominated in Bitcoin you get $35…

— Lawrence Lepard, “fix the money, fix the world” (@LawrenceLepard) February 25, 2024

Is a price correction on the horizon?

In another CNBC interview, Novogratz shared his view on BTC’s price trajectory. According to the exec, while predicting exact numbers is difficult, Bitcoin will retest its previous high of $69,000 in the short term. Echoing Tom Lee’s position, he stated,

“Usually, you don’t go right through the first time you touch them, and you’ll come all the way back….. then it takes off again, but once you break $69,000, it could measure to $150,000.”

In discussing the potential downside for Bitcoin’s value, the exec suggested that the price could drop to levels around $45,000 or $42,000. This decline could be triggered by regulatory issues or a situation where the market becomes overly extended, leading to investor panic and sell-offs. However, he insisted this scenario is unlikely. 

Next: Uniswap: If this prediction comes true, UNI’s price will fall below $10

Bitcoin Measure Novogratz Predicts
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bitcoin
Bitcoin (BTC) $ 107,211.73
ethereum
Ethereum (ETH) $ 2,423.46
tether
Tether (USDT) $ 1.00
xrp
XRP (XRP) $ 2.14
bnb
BNB (BNB) $ 646.93
solana
Solana (SOL) $ 142.85
usd-coin
USDC (USDC) $ 1.00
tron
TRON (TRX) $ 0.273083
dogecoin
Dogecoin (DOGE) $ 0.161257
staked-ether
Lido Staked Ether (STETH) $ 2,422.60