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According to Jason Urban, co-head of Galaxy Digital Trading at Galaxy Digital, the multi-month price decline for Bitcoin, which began in April when the world’s largest cryptocurrency began its descent from record highs, will only last summer.
Speaking to Kitco News editor-in-chief Michelle Makori, Urban said that by this fall, institutional investors will reappear in space and push the price up to new all-time highs, reaching at least 70,000. $ by the end of the year. .
Galaxy Digital is a diversified cryptocurrency-focused financial services company with four lines of business: asset management, trading, principal investment, and investment banking. The company, founded by Michael Novogratz, recently partnered with Goldman Sachs to trade Bitcoin futures contracts.
I really think we can see something north of $ 70,000 by the end of the year, Urban said. I think we can expect that all of this FUD (fear, uncertainty, doubt) that we have seen in the last few weeks will kind of cause a flat trend in the market throughout the summer and I think that As fall approaches, a lot of that institutional adoption and these ambitious moves that we’ve seen will start to show up, and we should see the market come out of those highs.
So what has held the institutions back so far? It is not less, but the lack of clarity on the regulations that institutional investors need, noted Urban.
I think there is obviously some regulatory clarity on what can be done, what cannot be done, he said. Smart gamers [in the crypto space] want to work with regulators to find solutions that address their concerns while simultaneously allowing technology to thrive.
Urbans’ comments come as Bitcoin has just faced a new wave of criticism, this time from the Bank for International Settlements (BIS) which wrote in a recent report that cryptocurrencies are speculative assets. rather than money, and in many cases are used to facilitate money laundering, ransomware attacks, and other financial crimes.
Earlier in the week, the People’s Bank of China banned over-the-counter Bitcoin trading in China and banned several large miners, slashing the country’s crypto mining capacity by 90%.
Urban said the regulations could be beneficial, but attempts to ban Bitcoin are simply unsuccessful.
You cannot forbid progress. You can regulate it, you just can’t ban it, he said.
For more details on where institutions are on the adoption curve as well as what Urban sees as the only existential threat to Bitcoin, watch the video above. Follow Michelle Makori on Twitter @MichelleMakori (https://twitter.com/MichelleMakori).
Disclaimer: The opinions expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes. This is not a solicitation to trade in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no responsibility for any loss and / or damage resulting from the use of this publication.
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