- Michael Novogratz, CEO of Galaxy Digital, predicts Bitcoin could reach $60k-$65k in 2022 if the SEC approves a spot Bitcoin ETF, as he expects billions to flow into Bitcoin through ETFs.
- Bitcoin previously peaked around $65k in April 2021, driven by institutional investment, but has since fallen significantly. Approval of a spot Bitcoin ETF could renew investor interest.
- The SEC has rejected Bitcoin ETF proposals in the past but is expected to finally approve one in early 2023, which would be a major milestone for crypto according to analysts.
Michael Novogratz, founder and CEO of Galaxy Digital, predicts Bitcoin will reach its former peak in the next year as the market anticipates the SEC approving the first US Bitcoin ETF.
Novogratz Predicts Billions Will Flow Into Bitcoin ETFs
Novogratz predicts that Bitcoin could reach its former highs around $60,000 to $65,000 by next year if the SEC approves a spot ETF. He believes billions of dollars will flow into Bitcoin through these ETFs. The SEC is expected to approve the first spot Bitcoin ETF in early 2023 based on analysts’ predictions.
Bitcoin Previously Peaked Around $65,000
Bitcoin hit an all-time high of nearly $65,000 in April 2021, driven by increased institutional investment and growing mainstream adoption. However, it has since fallen significantly from those levels. Approval of a spot Bitcoin ETF would likely drive renewed investor interest and inflows, potentially fueling a return to former highs according to Novogratz.
SEC Has Previously Rejected Bitcoin ETF Proposals
The SEC has rejected over a dozen Bitcoin ETF proposals in the past, citing concerns around insufficient regulation and the potential for manipulation. However, with growing maturity in crypto markets and custody solutions, analysts expect the SEC to finally approve a spot Bitcoin ETF in early 2023. The approval would represent a major milestone for crypto.
Novogratz Bullish on Crypto Market Growth
In addition to his Bitcoin predictions, Novogratz remains highly bullish on the growth of the overall crypto market. He believes crypto will continue to see expanded adoption and use cases. Galaxy Digital focuses on cryptocurrency financial services and investment management in the space. Novogratz sees tremendous potential in crypto despite the recent market downturn.
