- According to Mike Novogratz, CEO of Galaxy Digital, bitcoin may reach $100,000 by year’s end because of the favorable political climate in the United States for digital assets.
- He emphasized the increasing hope for cryptocurrencies and the developments around the SEC’s approval of spot Ethereum ETFs. But the business recently suffered a blow when President Joe Biden vetoed a resolution that would have repealed the contentious SAB 121 crypto restrictions.
Novogratz Projects a $100K Bitcoin Price
Mike Novogratz, the CEO of Galaxy Digital, stated his prediction for the price of bitcoin. He clarified that bitcoin might reach a record high of $100,000 or more by year’s end due to a supportive political environment in the United States for digital assets.
The executive from Galaxy Digital observed that attitudes regarding cryptocurrency had improved recently. The process of authorizing exchange-traded funds (ETFs) that invest directly in ether (ETH) has advanced according to the U.S. Securities and Exchange Commission (SEC).
Furthermore, pro-crypto political donations have increased as contenders for president compete to show their backing for the industry.
In an effort to assist pro-crypto candidates, Ripple, Coinbase, and Andreessen Horowitz (a16z) recently contributed $25 million apiece to the Fairshake Super Political Action Committee (PAC).
Former US President and presidential candidate Donald Trump pledged to back the cryptocurrency industry and halt the Biden administration’s anti-crypto policies prior to his conviction on 34 felony counts.
But last week, Biden vetoed a measure that would have repealed the contentious SEC Staff Accounting Bulletin 121 (SAB 121), which dealt a blow to the Bitcoin business. With backing from both parties, the resolution was approved by the Senate and the House of Representatives.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
