Galaxy Digital CEO Forecasts Bitcoin Surge to $100K by 2024


Mike Novogratz, CEO of Galaxy Digital, has boldly predicted that Bitcoin could reach the $100,000 mark by the end of 2024. This forecast is driven by a combination of favorable regulatory developments and increased institutional interest in the cryptocurrency market.

A Shift in Regulatory Landscape

Novogratz noted a significant shift in Washington's approach to cryptocurrency regulation, highlighting growing bipartisan support for clearer crypto laws. “D.C. has finally agreed in principle that crypto legislation has to happen,” he remarked. This newfound consensus is expected to reduce regulatory uncertainty, a key factor that has previously kept financial advisors and institutional investors at bay.

Institutional Adoption on the Rise

The Galaxy Digital CEO pointed out that institutional adoption is gaining momentum, with pension funds and other large-scale investors showing increasing interest in Bitcoin. This growing demand is creating upward pressure on Bitcoin’s price as the number of sellers diminishes, leading to a more bullish market outlook.

Key Price Milestones

A crucial aspect of Novogratz’s prediction is Bitcoin's ability to surpass its current resistance level. “If we take out $73,000 in the next week or so, we’re going to end the year at $100,000 or even higher,” Novogratz asserted. He views this potential breakout as a continuation of Bitcoin’s price evolution from its previous range of $40,000 to $70,000.

Factors Driving the Bullish Outlook

Two main factors underpin Novogratz's bullish stance: increased regulatory clarity and deeper engagement from traditional financial institutions. He cited recent legislative moves, such as the potential overturning of the S.121 bill, which would allow major banks like State Street and Bank of New York to offer crypto custody services. This regulatory progress could pave the way for broader adoption and integration of Bitcoin into mainstream financial systems.

Market Sentiment

Despite the optimistic outlook, Novogratz acknowledged that current market sentiment hasn't fully caught up with these developments. Bitcoin has been trading between $60,000 and $70,000 for several months, indicating a market still cautious about fully embracing the regulatory changes.

“I’ve been on the road speaking at conferences for the past few weeks, and I cannot get this story to resonate with people,” Novogratz shared, expressing his frustration at the market’s tepid response to significant regulatory progress and institutional interest.

Looking Ahead

As the regulatory landscape becomes clearer and more traditional financial institutions enter the crypto space, Bitcoin's potential for significant price gains increases. Novogratz’s projection of Bitcoin reaching $100,000 by the end of 2024 underscores the transformative impact these developments could have on the cryptocurrency market.


Mike Novogratz’s prediction of Bitcoin soaring to $100,000 by 2024 is grounded in the twin forces of regulatory clarity and institutional adoption. As these factors come into play, the cryptocurrency market is poised for substantial growth, offering significant opportunities for investors who recognize the shifting tides.

For more such news and updates, subscribe to HMCryptoGear!

No comments

Powered by Blogger.