Novogratz Explains Why Bitcoin Could Be About To Make A 'Parabolic Move' To All-Time Highs And Beyond
Portfolio Pulse from Adam Eckert
Mike Novogratz, CEO of Galaxy Digital Holdings Ltd (BRPHF), predicts a 'parabolic move' for Bitcoin (BTC) in 2024, driven by a potential spot Bitcoin ETF approval and a dovish Federal Reserve. Bitcoin is up 150% YTD, and Novogratz suggests that if institutions add even 1% exposure to Bitcoin, demand will outstrip supply, pushing prices higher. He compares Bitcoin's potential to gold, indicating a long-term target of $200,000 to $250,000 per Bitcoin.
December 19, 2023 | 7:59 pm
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Galaxy Digital Holdings Ltd's CEO Mike Novogratz anticipates a significant rise in Bitcoin's value, which could positively impact the company's performance given its involvement in the cryptocurrency space.
As the CEO of Galaxy Digital Holdings, Novogratz's bullish outlook on Bitcoin could reflect positively on the company's future performance, especially if the predicted crypto rally materializes. The company's direct involvement in the cryptocurrency market means that any significant movement in Bitcoin's price is likely to have a corresponding impact on Galaxy Digital's stock.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 100