Michael Novogratz: “I doubt that the price of bitcoin will exceed $30,000 by the end of the year”

Michael Novogratz: “I doubt that the price of bitcoin will exceed $30,000 by the end of the year”

Michael Novogratz, CEO of investment company Galaxy Digital, expects that the price of the first cryptocurrency will be in the channel from $20,000 to $30,000 by the end of the year.

During an interview with Bloomberg journalist Sonali Basak, Michael Novogratz noted that the performance of the first cryptocurrency and the entire industry is significantly dependent on the actions of the US Federal Reserve System (FRS). And now the American economy, like the economies of much of the world, is in an "extremely difficult situation."

“Now there are opinions that everything will work out. I don't really believe this, but the behavior of the markets suggests that many people do. Perhaps the Fed will be able to keep raising base rates. But can Bitcoin overcome $30,000 during this rise? We'll see, but I doubt it. I think we will continue to consolidate. In general, I would be very pleased if bitcoin lingered in the levels from $20,000 to $22,000 or from $20,000 to $30,000, and then began a strong increase,” Novogratz said.

He also recalled that recently the largest asset management company BlackRock and cryptocurrency exchange Coinbase entered into a partnership, under which users of the Aladdin platform will have access to cryptocurrency trading. Some analysts expect extremely strong growth of bitcoin against this background. Michael Novogratz also looks positively at the agreement. According to him, this is "incredibly important for the industry."

Novogratz has previously said that the fall of the cryptocurrency market is caused by the stupidity of industry participants who understand it too poorly, but use a huge amount of borrowed funds.

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