Bitcoin hit a new record high, topping $99,742 on Friday, close to the $100,000 mark. The achievement was celebrated by Galaxy Digital CEO Mike Novogratz on the X social media platform, dubbing it “a big moment” for the cryptocurrency.
Shoutout to the crypto community, he wrote in his post, commending its resilience. “You have been in this uncertainty and headwinds for years.” Bitcoin’s rise now stands at 519 per cent following November’s collapse of FTX, a catastrophic event that brought the industry to its knees.
Novogratz Predicts Bitcoin’s $100,000 Mark is Just the Beginning
It was Bitcoin’s limited supply and the growing global demand for decentralized digital assets that inspired Novogratz to conclude that Bitcoin’s rally was ‘not a scam.’ Speaking at MIT on Monday, he told me that reaching $100,000 would only be ‘just the start’ for the leading cryptocurrency, though there was a possibility of a price correction from the over heated conditions of excessive leverage driving conditions.
But Galaxy Digital’s CEO has been bullish on BTC’s future. Just back in May, when he correctly predicted the current rally, he pointed to stronger institutional demand as a driving force. As for bold projections, Novogratz has also made some, predicting Bitcoin will overtake gold within its market cap in the next five years.
Novogratz sees this acceleration broadening even further looking further ahead. If the United States establishes a BTC reserve, he thinks BTC would hit $500,000.
BTC’s entrance nears $100,000 as a benchmark paces its emergence as a financial asset. “It is a validation of Bitcoin’s resiliency, but it also gives a glimpse into a future where cryptocurrency could rewrite global markets,” Novogratz said, speaking of the current price action for the cryptocurrency along with industry leaders.
