Ethereum will challenge 4,000 dollars and soon surpass Bitcoin — Novogratz
Galaxy Digital CEO Michael Novogratz stated that Ether has gained strength due to supply constraints and institutional demand, and that it will surpass Bitcoin in the coming months.
"The rapidly increasing institutional interest in Ethereum could trigger a supply shock and cause Ether to surpass Bitcoin in the next six months." These words belong to Galaxy Digital CEO Michael Novogratz.
In an interview with CNBC, Novogratz expressed, "The ETH supply is not that large, and therefore ETH has a chance to perform better than Bitcoin in the next three to six months."
"We feel like it is written that we will hit the $4,000 ceiling at least a few times," he said.
Novogratz also noted that Ether has a "really strong" narrative. He emphasized that two major companies, Sharplink Gaming and BitMine Immersion Technologies, have recently purchased large amounts of ETH.
BitMine reported holding 566,776 ETH (approximately $2.03 billion). Sharplink's assets have reached a total of 360,807 ETH (approximately $1.29 billion).
Meanwhile, another company called Ether Machine is preparing to trade on Nasdaq under the symbol "ETHM" and will manage over 400,000 ETH valued at more than $1.5 billion at launch.
Novogratz does not think these purchases will slow down.
"They are raising capital every day and buying Ether," he said.
Novogratz: Bitcoin is "destined to go up"
Novogratz said that a price target of $150,000 for Bitcoin "looks reasonable even with the random lines I drew on my charts."
"As long as the story continues like this, I feel like we are destined to go up," he added.