Novogratz: Bitcoin ‘Off to the Races’ Soon


Michael Novogratz – the Chief Executive of Galaxy Digital – is still bullish on Bitcoin despite it having its worst month since late last year. He shared his views on the cryptocurrency on CNBC’s “Squawk Box” this morning.

Novogratz attributed the recent weakness in BTC to a lack of participation from institutional investors, but pointed to two developments he believes will be meaningfully positive for the cryptocurrency. He said WeChat had enabled bitcoin and crypto trading, and that Hong Kong was officially allowing crypto trading for retail customers through regulated exchanges, which he believes will lead to Asian adoption.

Despite the sell-off in May, Bitcoin is still up 65% year-to-date, making it one of the best performing assets of 2023. Novogratz expects it to benefit when the US Federal Reserve starts to cut interest rates, which he believes will be in the final quarter of this year. He said that if he had to invest $10,000 right now, he would definitely pick BTC over a 5.0% guaranteed return on Treasury Bills.

The total supply of Bitcoin is also set to cut in half next year, something that has historically been a tailwind for price appreciation.

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