According to Bloomberg, Michael Novogratz, the founder and CEO of Galaxy Digital, believes that Bitcoin could reach its old highs by this time next year. Bitcoin reached a high of almost $69,000 in November 2021 before retreating 64% last year amid a series of crypto industry scandals and bankruptcies. It has more than doubled this year and currently trades at around $38,000. The SEC is expected to approve a spot Bitcoin ETF by January 10, according to Bloomberg Intelligence analysts.
Once the Bitcoin ETF starts trading, Novogratz said that billions of dollars should flow into the ETF space within the first year, if not more. He pointed out that the uncertainty of the upcoming election year will also propel digital assets. Novogratz has long touted anticipation over institutional adoption of cryptocurrencies through the SEC's approval of a Bitcoin ETF. During Galaxy's third-quarter earnings conference call in November, Novogratz predicted that the Federal Reserve would opt to cut interest rates in the first quarter of next year, further supporting the industry's growth over the next 18 months. Novogratz previously said he expects the SEC will approve a Bitcoin ETF by the end of 2023. Galaxy has partnered with Invesco on plans to launch such a product.
