The founder of Galaxy Digital, Mike Novogratz, has said that the price of Bitcoin may double before the year runs out.
Mike Novogratz believes that bitcoin is in a better position to top $100,000. His latest prediction follows the news that Elon Musk’s Tesla has added $1.5 billion worth of Bitcoin to their balance sheet.
Mike Novogratz says institutions are coming
In a section with Bloomberg Television, the CEO of Galaxy Digital emphasized how Tesla’s move will cause more companies in the United States to consider adding Bitcoin to their reserve.
It doesn’t have to be a lot. It’s the messaging that matters, you’re seeing the herd here, and it’s coming.Mike Novogratz said.
He maintained that companies will also allocate their excess cash reserve to Bitcoin in order to hedge against inflation, if not for Tesla.
Elon Musk is a Genius, says Mike Novogratz
The price of Bitcoin skyrocketed to a new all-time high above $47,000, following Tesla announcement. Beside, having Bitcoin in the balance sheet, Tesla also announced plans to support the cryptocurrency as a payment option for their electric cars.
Mike Novogratz applauded this move, saying that Elon Musk is a “genius” for listening to the people. “One of the things that connect bitcoin, and Tesla and solar stocks and ESG investing is millennials and Gen Z, young people are buying into the future, and they see cryptocurrencies, bitcoin, and other currencies as their currencies,” Novogratz added.
Owing to Elon Musk’s prominence in the world, Mike Novogratz is quite optimistic that other CEOs and CFOs will follow suit.
You’ve got to think other CFOs and CEOs are saying, what should we be doing?
Galaxy Digital is already invested in Bitcoin. According to Bitcoin Treasuries, the investment company has more than $100 million in the cryptocurrency.