Novogratz Sees Bitcoin Rising, Says ETFs Will Likely Be Approved

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(Bloomberg) – Mike Novogratz, the founder of Galaxy Digital Holdings Ltd., said he expects Bitcoin to rise by the end of this year and predicted that the United States would approve traded funds in bitcoin exchange.

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I think it ends the year up, Novogratz said in a Bloomberg TV interview on Wednesday. Were consolidating between $28,000 and $32,000. He added that the digital currency would likely advance further after the Federal Reserve decides to end interest rate hikes.

Bitcoin fell 0.2% to $30,509 at 3:03 p.m. in New York. The biggest cryptocurrency has jumped 18% in the past month and 84% this year, buoyed by optimism over the potential US approval of a Bitcoin ETF.

People made a lot of money, so there’s some supply pressure today, Novogratz said.

Novogratz said the approval of a Bitcoin ETF is likely to happen, and companies like BlackRock Inc. and Invesco will introduce broad adoption of Bitcoin to investors who couldn’t access the asset class before.

If that happens, it’s a stamp of approval from the Securities and Exchange Commission and the U.S. government that it’s an asset, Novogratz said.

When asked if Galaxy will soon be able to list in the United States, Novogratz said his company is in the process of doing so, but it’s been a long and frustrating road.

The Toronto-listed company said it was working on a plan to become a Delaware-incorporated company and then list on Nasdaq, subject to continued review by the SEC.

–With the help of Sonali Basak.

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