Billionaire Mike Novogratz: Bitcoin Gears Up for ‘Wonderful Story’

It has been just revealed the fact that Mike Novrogratz had a few praising words for Bitcoin. Check out the latest reports about the matter below.

Mike Novogratz, a billionaire, predicts that Bitcoin (BTC) is poised for a significant upswing as several bullish factors align. In a recent interview with Bloomberg Television, the CEO of crypto asset management firm Grayscale stated that the leading cryptocurrency by market cap is preparing for an exciting journey.

Novogratz believes that BTC’s creation of spot market exchange-traded funds (ETF), its upcoming halving, and the actions of the Federal Reserve could act as major catalysts that may help the king of cryptocurrencies to reach or even surpass its all-time high by next year.

“There’s a bunch of good things happening for Bitcoin. We are going to get an ETF, there’s a lot of anticipation, some of that is built into the price. When you actually get the ETF announcement there’s probably still two months before it starts trading, and then once it starts trading, we’ll see.

If BlackRock and ourselves [and] Invesco and Ark and all these other institutions, Fidelity, have their sales forces out convincing people to adopt Bitcoin, the price is going to be significantly higher, especially at a time when the FED is probably cutting rates. And so, could we go to old highs by this time next year?”

He continued and said the following:

“Of course, we could, and could we go higher, we’ll see. You have to remember prices are set on the margin and there are not 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 and so you really are setting up for a wonderful story.”

Bitcoin is trading for $38,813 at time of writing this article.