Billionaire Mike Novogratz Shares New Price Prediction for Bitcoin: "The Next Move Is Here, After That It Enters Price Discovery"

Michael Novogratz, the CEO and founder of Galaxy Digital, announced today that his company has gone public on Nasdaq under the ticker "GLX" through a direct listing method.

Speaking on CNBC's Squawk Box program, Novogratz shared not only the company's growth strategies but also his notable insights about the future of cryptocurrency markets.

As one of the pioneers of the cryptocurrency markets, Novogratz pointed out that gold is a $22 trillion asset class, while Bitcoin currently has a market size of only $2 trillion. “It's just a matter of time before Bitcoin makes its next move towards the $130,000 to $150,000 levels. At that point, we enter a price discovery phase,” said Novogratz, arguing that Bitcoin has the potential for a valuation that could approach gold in the long term.

Novogratz stated that Galaxy Digital initially set out with the goal of being “the Goldman Sachs of crypto,” but that the company now has two main areas of operation: crypto services and artificial intelligence data centers. He explained that with their large-scale data center named Helios in Texas, they have become an important player in the AI infrastructure space, announcing that they have signed agreements with CoreWeave that will last 15 years and reach approximately $14 billion in rental income.

Evaluating the political approach to crypto in the US, Novogratz remarked that the Trump administration was favorable towards crypto, while he described the Biden era as “almost torture” for cryptocurrency. He argued that cryptocurrency laws should progress with bipartisan support, noting that the Trump family's interest in crypto is notable but should not pose an obstacle unless it has an illegal dimension.