Galaxy Digital CEO Mike Novogratz predicts bitcoin could hit 0,000 by year-end, citing a positive U.S. political environment for digital assets. He highlighted growing optimism for cryptocurrencies and progress on SEC approval of spot ethereum ETFs. However, the industry recently faced a setback when President Joe Biden vetoed a resolution to overturn the controversial crypto […]
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Novogratz Predicts Bitcoin Trading Between $55K-$75K This Quarter
Bitcoin is expected to trade within a narrow range this quarter, according to Michael Novogratz, founder of Galaxy Digital Holdings Ltd. “Bitcoin, ethereum and everything else, solana will consolidate,” he said last week, adding that it means BTC will probably trade “somewhere between ,000 and ,000 until the next set of circumstances, the next set […]
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Dollar’s Reserve Currency Status Is the United States’ Reward for Controlling the Seas – Billionaire Mike Novogratz
According to Mike Novogratz, the United States’ control of the seas enables it to maintain the dollar’s reserve currency status. Novogratz suggested that the U.S. and United Kingdom’s joint strikes on Yemen were necessary because they give residents the “benefit of borrowing endlessly at low rates.”
Impact of Attacks on Commercial Ships Passing Through the Red Sea
Mike Novogratz, the billionaire and CEO of Galaxy Digital, has stated that the U.S. dollar’s reserve currency status is the reward that the United States receives in exchange for controlling the seas. According to the billionaire, maintaining this status costs the U.S. approximately trillion, which is equivalent to around 4% of its GDP.
The country that controls the seas has always been rewarded reserve currency status. It costs the USA approx 4% of GPD to keep that rank. It gives us the benefit of borrowing endlessly at low rates. The actions in the Red Sea are very appropriate in this context.…
— Mike Novogratz (@novogratz) January 12, 2024
Novogratz, a supporter of United States President Joe Biden’s Democratic Party, made these remarks just after the U.S. and the U.K. launched missile strikes targeting regions of Yemen reportedly controlled by the Houthis. The strikes on the Houthi rebels followed a surge in the number of attacks on commercial ships passing through the Red Sea.
The growing attacks have forced some shipping companies to suspend or avoid using the Red Sea altogether. This, in turn, has not only led to an increase in the cost of moving goods by sea but has caused shortages of both raw materials and finished products. For example, Tesla’s mega factory in Germany was recently forced to pause production due to delays in the delivery of parts.
After initially refraining from launching a large-scale response to the attacks on ships, the U.S. and UK responded to the Houthi rebels’ latest provocation by striking 30 targets inside Yemen on Jan. 12. The strikes have, however, reignited fears of a wider regional war.
Cost of Borrowing
Meanwhile, in his Jan. 12 post on X, Novogratz implied that the strikes are necessary if U.S. residents are to continue borrowing at very low rates.
“The country that controls the seas has always been rewarded reserve currency status. It costs the USA approx 4% of GPD to keep that rank. It gives us the benefit of borrowing endlessly at low rates. The actions in the Red Sea are very appropriate in this context,” Novogratz said.
In response to the post, some of Novogratz’s followers on X expressed shock at the billionaire’s endorsement of the bombing. However, one user warned Novogratz of the U.S. dollar’s declining dominance.
“The time for American hegemony will soon be at an end. We have enjoyed three decades of unrivaled premier status in the world and now find ourselves in a multipolar world. I am thankful for Bitcoin,” said the user.
However, another user dismissed Novogratz’s theory and went on to point out that Germany and Japan have lower interest rates yet they are not part of the Yemen bombing campaign.
What are your thoughts on this story? Let us know what you think in the comments section below.
Galaxy Digital CEO Mike Novogratz Expects Spot Bitcoin ETF Approval by January 10, Regulatory Progress After Election
Galaxy Digital CEO Mike Novogratz expects the U.S. Securities and Exchange Commission (SEC) to approve a spot bitcoin exchange-traded fund (ETF) by Jan. 10 next year. Subsequently, he foresees the cryptocurrency reclaiming its all-time high of ,000 and wouldn’t be surprised if it surpasses that price level. The executive also predicts progress in U.S. crypto regulation, expecting changes in leadership at the Treasury Department and the SEC after the upcoming presidential election.
Mike Novogratz’s Crypto Predictions
The CEO of Galaxy Digital, Mike Novogratz, discussed his perspectives on the crypto market and his expectations regarding the approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) in an interview with CNBC earlier this week.
Regarding spot bitcoin ETF approvals, the Galaxy Digital boss said:
We are gonna get this ETF before January 10th.
Novogratz added that spot bitcoin ETFs will likely take six to eight weeks after approval to start trading. “After that, it’s just more fuel for a fire,” he stressed, emphasizing: “Crypto stocks are trading like a maniac.”
He preceded to outline the impact of institutions putting 1% of their portfolios into bitcoin or spot bitcoin ETFs. “There isn’t a lot of supply in bitcoin,” he began. “We have customers that are platform customers and [they] buy enough bitcoin every day to take out all the miners,” the executive claimed, adding: “When you think about the supply/demand dynamic, we haven’t really had a situation where you have a global market and you have something of such limited supply and so I think bitcoin can go far higher.” He opined:
I think first stop next year will be the old high, ,000, but it wouldn’t surprise me if it went beyond that.
Commenting on the statements by JPMorgan CEO Jamie Dimon and Senator Elizabeth Warren (D-MA) regarding crypto’s use in terrorist financing, he pointed out that this theory has been debunked. “Yes, some crypto is used for bad things, but not nearly as much as fiat,” Novogratz stated, adding: “Jamie Dimon’s bank has paid billion in fines since he’s been there — billion. Add up all of the bad trades with crypto, it doesn’t add up to billion, so should we ban JPMorgan?”
Regarding crypto legislation, he noted that some bills have been introduced in Congress. “There’s a group of Democrats and Republicans in D.C. that want to get legislation through. There’s two pieces of legislation that would really give us a good framework around both stablecoins and the rest of crypto, and it’s Elizabeth Warren and … the Biden White House that’s stopping that.”
Nonetheless, the Galaxy Digital CEO believes that progress will be made after the U.S. presidential election next year, stating:
I think post this election, we will either have a new administration, either Democrat or Republican. But even if Biden wins, my guess is there’s a new Secretary of Treasury and a new head of the SEC that will finally make some progress.
What do you think about the statements by Galaxy Digital CEO Mike Novogratz? Let us know in the comments section below.
Galaxy Digital CEO Mike Novogratz Says He Was ‘Dead Wrong’ About XRP and Ripple
Galaxy Digital founder and CEO Mike Novogratz has admitted that his past perception of XRP and Ripple was “dead wrong.” Novogratz now sees Ripple as an institution and the XRP army as a “real” organization that cares about the ecosystem and the coin. The billionaire believes that the current U.S. government’s unmatched spending has spurred the economy, but admitted there would be a price to pay down the road.
Ripple’s Unconvincing Business Proposition
The founder and CEO of Galaxy Digital, Mike Novogratz, recently said his perception of XRP and Ripple’s business proposition was “dead wrong.” Novogratz, a billionaire, added that he now sees the so-called XRP army as a real entity that “cares” about the ecosystem and the digital asset.
In his remarks, while appearing on Raoul Pal’s Real Vision show, Novogratz conceded that he was skeptical about XRP’s prospects primarily because Ripple at one point held 60% of the coin. According to the billionaire, when one organization holds that much share of the circulating coins, such a business proposition is not going to work.
However, seeing XRP emerge from several setbacks in the past few years has now seen the Galaxy CEO change his perception of Ripple and its leadership.
“Hats off to Brad Garlinghouse and his team. Ripple is now an institution, the XRP army is real, they care about their ecosystem and their coin,” Novogratz said.
‘No One Is Buying Stuff With BTC’
Meanwhile, when asked about the prospects of bitcoin (BTC) becoming the future currency for everyday purchases, the billionaire said he does not see this happening. Although it started off functioning as a currency for regular payments, according to Novogratz, “no one is buying stuff with bitcoin.”
🧵 Alpha time: @novogratz x @RaoulGMI
Please enjoy 5 takeaways from this convo… 🫡
1/ 🚀 Novo on Ripple’s $XRP triumph against all odds: “I was wrong…” https://t.co/aleePocwRQ pic.twitter.com/T3rXFbbF3L
— Real Vision (@RealVision) December 10, 2023
When asked about the U.S. government’s unprecedented spending which now equates to around 25% of the country’s gross domestic product (GDP), the billionaire believes the unparalleled expenditure helped to spur the economy. He, however, admitted that there would “be a price to pay down the road.”
Concerning the prospects of the ethereum (ETH) spot exchange-traded fund (ETF), Novogratz said he does not see this doing as well as the spot bitcoin ETF unless there is a way of getting the staking rewards.
What are your thoughts on this story? Let us know what you think in the comments section below.
Novogratz: JPMorgan CEO Jamie Dimon Is Wrong About Bitcoin, ‘Supreme Arrogance’ to Dismiss Value
Galaxy Digital CEO Mike Novogratz says JPMorgan CEO Jamie Dimon has been proven wrong about bitcoin. “I think it’s supreme arrogance to think he knows what has value but all the rest of the people don’t,” said Novogratz after the JPMorgan executive slammed bitcoin as being used by criminals, emphasizing that he would shut it down if he were the government.
Jamie Dimon ‘Keeps Being Wrong’ About Bitcoin, Says Novogratz
Galaxy Digital CEO Mike Novogratz fiercely criticized JPMorgan CEO Jamie Dimon’s recent remarks about bitcoin and cryptocurrency. The JPMorgan boss said during a congressional hearing earlier this week that he would close down crypto and bitcoin if he were the government, claiming that they are primarily used by criminals, drug traffickers, money launderers, and tax evaders.
Expressing his opinion that Dimon is wrong about bitcoin, Novogratz stated:
He keeps doubling down and he keeps being wrong.
The Galaxy Digital chief proceeded to point out that many of Dimon’s own clients and some of the wealthiest people in the U.S. believe in bitcoin, including Fidelity Investments CEO Abigail Johnson, famed investor Stanley Druckenmiller, and Bridgewater Associates founder Ray Dalio. Novogratz said they are “big, big investors” who “believe that bitcoin is a store of value.”
Novogratz further shared that his firm’s clients believe in bitcoin, stating: “We see it in our client base. Our trading desk has been busy with hedge funds buying. We see it in institutions buying. So, I don’t know where Jamie gets off thinking he’s smarter than all those guys.” He stressed:
I think it’s supreme arrogance to think he knows what has value but all the rest of the people don’t.
“And quite frankly he’s just been proven wrong. Bitcoin has way outperformed JPMorgan’s stock over one year, five years, 10 years — you name the period. People around the world believe in this, and they believe in the community’s ecosystem. They see governments spending too much money, not just here in the U.S. but everywhere, and think you are going to debase fiat currency,” Novogratz described. He also cited Blackrock CEO Larry Fink stating that he expects to see bitcoin in all portfolios.
Do you agree with Mike Novogratz that it’s supreme arrogance for JPMorgan CEO Jamie Dimon to think he knows what has value but all the rest of the people don’t? Let us know in the comments section below.
Novogratz Expects Bitcoin Price to Be ‘Significantly Higher’ After SEC Approves Spot Bitcoin ETFs
Galaxy Digital CEO Mike Novogratz expects the price of bitcoin to be significantly higher when the U.S. Securities and Exchange Commission (SEC) approves spot bitcoin exchange-traded funds (ETFs). “We will see a pretty successful shift of psychology … when the government says ‘you are allowed to buy bitcoin,’” he described.
Mike Novogratz’s Bullish Bitcoin Prediction
Galaxy Digital CEO Michael Novogratz explained why the price of bitcoin is poised to rise “significantly higher” in an interview on Bloomberg TV Wednesday. His bullish prediction hinges on the potential approval of the first U.S. spot bitcoin exchange-traded fund (ETF) by the Securities and Exchange Commission (SEC).
Novogratz detailed: “There’s a bunch of good things happening for bitcoin. We are going to get an ETF. Right now there’s a lot of anticipation. Some of that is built into the price.” He added that when you actually get a spot bitcoin ETF announcement, which he believes to be two months before it starts trading, Blackrock, Ark, Fidelity, as well as his own firm will “have their sales forces out convincing people to adopt bitcoin.” The Galaxy Digital boss emphasized:
The price is going to be significantly higher especially at the time when the Fed is probably cutting rates.
“So, could we go to old highs by this time next year? Of course, we could,” he added.
Regarding whether the price of bitcoin could rise higher than its all-time high by this time next year, Novogratz pointed out: “Remember, prices are set on the margin, and there aren’t that many sellers of bitcoin. We’re going to have the halving next year which means that the daily supply or inflation rate gets cut in half, so you are really setting up for a wonderful story.” Moreover, he noted: “We’re also going into election year and that uncertainty should help bitcoin in the fact that the U.S., Europe, and Japan still can’t come close to fiscally being responsible.”
Once spot bitcoin ETFs enter the market, Novogratz predicted that billions of dollars should flow into the ETF space, if not more. He emphasized:
That’s all new money. We will see a pretty successful shift of psychology … when the government says ‘you are allowed to buy bitcoin’ and institutions say ‘this is great.’
SEC Chairman Gary Gensler recently stated that the securities regulator is considering between eight and 10 spot bitcoin ETF applications. Many expect the SEC to approve multiple spot bitcoin ETFs at once early next year.
Do you agree with Galaxy Digital CEO Mike Novogratz’s prediction? Let us know in the comments section below.
Galaxy Digital CEO Mike Novogratz Foresees Spot Bitcoin ETF Approval in 2023
Galaxy Digital CEO Mike Novogratz expects a spot bitcoin exchange-traded fund (ETF) to be approved in 2023. “It’s going to get approved, we think it happens this year,” the American investor said on Wednesday.
Billionaire and Crypto Investor Mike Novogratz Say There’s Been a ‘Huge Psychological Shift’
After predicting in August, Galaxy Digital CEO Mike Novogratz has accelerated his forecast regarding a spot bitcoin ETF. In mid-August, Novogratz believed the U.S. Securities and Exchange Commission (SEC) would approve one within four to six months. But on Wednesday, while speaking with Andrew Ross Sorkin on CNBC’s “Squawk Box,” he said it’s likely to be approved in 2023.
“It’s going to get approved, we think it happens this year in 2023,” Novogratz remarked. He added that all the indications point to it happening this year. The Galaxy CEO further cited public commentary and filings noting that “people’s comments are much more constructive.”
Galaxy Digital has partnered with Invesco and competes with several major financial firms aiming to launch a spot-settled exchange-traded fund. The company collaborates with Invesco on the Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF, known as “BLKC,” and the “SATO” ETF. Novogratz mentioned that the SEC has been in discussions with Galaxy regarding the ETF.
“[The SEC is] no longer talking about how [bitcoin] works or why it’s important. It’s just a recognized macro asset and that’s a huge psychological shift,” Novogratz explained on Wednesday.
He believes that current events indicate approval is imminent. His statements come after Blackrock CEO Larry Fink described the recent surge, following false ETF approval rumors, as a “flight to quality.” Novogratz highlighted Blackrock’s comments, emphasizing that interest from the world’s largest fund manager is a positive indicator. He also stressed, “The public wants this.” Novogratz’s statements follow Fidelity amending its spot bitcoin ETF filing on October 17.
What do you think about Novogratz’s commentary about a spot bitcoin ETF being approved this year? Do you agree with his prediction? Share your thoughts and opinions about this subject in the comments section below.
SEC Could Approve Spot Bitcoin ETF Within 6 Months, Says Mike Novogratz
Galaxy Digital CEO Mike Novogratz is optimistic that the U.S. Securities and Exchange Commission (SEC) could approve a spot bitcoin exchange-traded fund (ETF) within four to six months. The executive cited his contacts at Blackrock, the world’s largest asset manager, and investment management firm Invesco. Both companies have filed to launch a bitcoin ETF with the SEC.
Novogratz Discusses Spot Bitcoin ETF Approval, Says Ripple Ruling Is ‘a Big Deal’
The CEO of Galaxy Digital Holdings, Mike Novogratz, revealed during his company’s Q2 earnings call on Tuesday that the U.S. Securities and Exchange Commission (SEC) could approve a spot bitcoin exchange-traded fund (ETF) within four to six months.
Commenting on the likelihood of the SEC greenlighting spot bitcoin ETF filings by Blackrock and Invesco, Novogratz shared:
Both our contacts, from the Invesco side and from the Blackrock side, get you to think that this is a question of when, not if, that the outside window is probably six months.
The Galaxy Digital executive added that it may take “four to six months if you had to put a ‘pin the tail on the donkey’ on it that the SEC is going to approve a bitcoin ETF.”
In June, Blackrock filed to launch a spot bitcoin trust ETF. Blackrock CEO Larry Fink explained that the asset manager is seeking to democratize crypto. He believes that crypto will “transcend any one currency.”
Novogratz further said on Tuesday’s earnings call: “It’s significant that Larry Fink who runs the largest asset manager in the world — Blackrock runs trillion — is out, having been orange pilled, talking very positive about bitcoin and the crypto universe, bitcoin as the first global money. That’s a huge change of heart from where he was, five, six years ago, where the institutional world was.” Novogratz opined:
Once we get this ETF … it just makes it very easy for people to make large allocations into the space.
Invesco and Galaxy Digital partnered last September to offer investors exposure to a range of products in the digital asset ecosystem. According to Bloomberg analysts specializing in ETFs, the likelihood of the SEC approving a spot bitcoin ETF in the U.S. has surged to 65%.
Novogratz also explained the significance of the Ripple ruling, stating:
It’s a big deal, mostly because the SEC and Gary Gensler have been saying over and over: ‘Hey, the rules are clear. Just come in and register.’
However, the Galaxy Digital boss pointed out that District Judge Analisa Torres “made it really clear, the rules aren’t clear,” emphasizing that “They’re nothing close to clear.” Novogratz added that in his opinion, the Ripple decision “pressures the Democrats to finally come to the table with the Republicans and try to put forward some legislation to give us clarity.”
On Wednesday, the SEC informed Judge Torres that it intends to file an appeal to her ruling in the SEC v. Ripple case regarding XRP. The securities regulator also seeks a stay of court proceedings.
What do you think about the statements by Galaxy Digital CEO Mike Novogratz? Let us know in the comments section below.
BlackRock CEO Larry Fink Is The Best Thing To Happen To Bitcoin, Mike Novogratz Says
BlackRock officially announced its entrance into Bitcoin earlier this year by filing for a Spot Bitcoin ETF with the United States Securities and Exchange Commission (SEC). Although the regulator is yet to accept the filing, CEO Larry Fink has also made some supportive comments, comparing BTC to digital gold.
In light of these events, Galaxy Digital CEO Mike Novogratz has come forward to share his opinions on BlackRock CEO Larry Fink and how he affects the digital asset.
BlackRock CEO’s Pivoting Sentiment Toward Bitcoin
Galaxy Digital CEO Mike Novogratz has stated that BlackRock’s CEO Larry Fink’s change of heart is the best thing to happen to Bitcoin.
“I think the most important thing that happened this year in Bitcoin is Larry Fink,” Novogratz mentioned during an interview on Bloomberg TV with David Rubenstein.
Novogratz believes Fink’s acceptance of Bitcoin highlights a shifting sentiment towards Bitcoin and other digital currencies worldwide.
According to him, “180 million people around the world, without a gun to their head, take their hard-earned savings and store it in this community of people that run this technology, you know, called bitcoin.”
He further opined that Fink’s change of heart, alongside the increasing adoption of cryptocurrencies, could help Bitcoin surpass its all-time high of ,000 recorded in 2021.
Blackrock’s CEO Larry Fink was long known to be a skeptic of cryptocurrencies as he once went as far as tagging BTC an “index of money laundering.”
“Bitcoin just shows you how much demand for money laundering there is in the world,” Fink stated in 2017.
However, there has been a change of heart from the CEO as earlier in June, BlackRock filed an application to the SEC to establish a Bitcoin spot ETF, a move that saw some other institutions file a similar application.
In fact, in a show of support for cryptocurrencies, Fink stated that crypto, especially bitcoin could “revolutionize finance.” During an interview with Fox Business, he stated: “We do believe that if we can create more tokenization of assets and securities – that’s what bitcoin is – it could revolutionize finance.”
Regulatory Environment Far From Certain
Novogratz also noted Ripple’s recent victory over the SEC, with a judge ruling that the XRP token isn’t a security when sold on secondary exchanges. The Galaxy Digital CEO believes the court’s decision highlights the fact that regulators are still not familiar with the crypto space, and regulations from these regulators “are nowhere close to clear.”
The United States Securities and Exchange Commission has, so far, continued to label many cryptocurrencies as “securities” and filed separate lawsuits against different crypto exchanges and firms for allowing the trade of “unregistered securities.”
However, if the recent ruling is anything to go by, it is obvious that the regulators are mistaken, and there is a need for the US Congress to enact crypto-related laws for stakeholders (including regulators) to gain more clarity on how to navigate the industry regulatory-wise.