Novogratz Explains Why Bitcoin Surpassed $30,000, Predicts New Highs



Investing.com – During an interview with CNBC on Tuesday, cryptocurrency investor Mike Novogratz spoke about the reasons for the recent rally in the , which is now back above $30,000^.

According to him, it is individual investors and cryptocurrency enthusiasts, buying more BTC, who are driving the recent rise in . He further predicted new all-time highs for the crypto over the next couple of years.

“It’s about getting people into the tent,” he said. He also explained:

“As the price goes up, every cryptocurrency owner goes to their friends or colleagues and says, ‘Hey, you gotta get in.’ So the adoption cycle always accelerates when the price goes up – and that’s what we’re seeing – but it’s really a cryptocurrency-led rally.”

Novogratz also estimated that the upcoming Bitcoin halving (halving of mining rewards, and therefore slowing of the issuance of new bitcoins) and the imminence of a credit crunch as well as greater adoption should drive the cryptocurrency to new heights over the next two years.

Note that many analysts attributed the rise in cryptos this week to the anticipation that the Federal Reserve will soon halt its rate hike cycle.

Finally, Novogratz also addressed the issue of a possible Bitcoin ETF, pointing out that “the real big win will be when the United States says here’s an ETF because it will allow everyone to buy safely without having to to really understand the ecosystem, and so, I’m hopeful about that.”

Remember that although there are ETFs indexed on bitcoin futures contracts, there is no ETF directly holding BTC in the United States. However, many analysts consider that the launch of a Bitcoin ETF could be a powerful bullish factor for the crypto, allowing millions of Americans to access it through their usual investment account.



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