Mike Novogratz Predicts Bitcoin Could Reach $69,000 Next Year

Reading Time: < 1 minute

Galaxy Digital CEO Mike Novogratz predicts that Bitcoin could reach a price of $69,000 within the next year, driven by a surge of institutional capital after the legalization of spot crypto Exchange-Traded Funds (ETFs) in the American market.

Novogratz believes that the legalization of spot crypto ETFs will result in a significant increase in BTC’s market capitalization, potentially adding billions of dollars.

He also anticipates that the uncertainty surrounding the US presidential election will drive institutions to invest more in digital assets, not just Bitcoin. According to Bloomberg analysts, spot Bitcoin ETFs are expected to launch on the American stock market in early January.

The likelihood of these applications being approved by the Securities and Exchange Commission (SEC) is estimated to be 90%.

If approved, this would provide a major boost to the cryptocurrency market and could pave the way for further growth and acceptance of digital assets.