Michael Novogratz Predicts Bitcoin Will Hit $100,000 by Year-End

A more positive US political environment for digital assets will likely help propel Bitcoin to a record $100,000 or even higher by the end the year

Billionaire investor Michael Novogratz is betting on a record-breaking year for Bitcoin, predicting that the cryptocurrency will hit $100,000 by the end of 2024.

In an interview with Bloomberg Television on Tuesday, Novogratz said that if Bitcoin reaches $73,000 in the next couple of weeks, “we are going to end the year at $100,000 or higher.”

“That is a good enough target,” he added.

After hitting an all-time high of $73,798 in March, Bitcoin has failed to regain that level. The largest cryptocurrency rose as much as 2.8% to $71,000 on Tuesday, the highest in about two weeks.

But sentiment has shifted to be more positive toward crypto in the last several weeks, Novogratz said.

The US Securities and Exchange Commission moved a step closer to approving exchange-traded funds that would directly invest in Ether. There have also been several high-profile political donations in support of candidates who are pro-crypto, with even presidential candidates being pressed on their stance on crypto.

“I think we are getting skewed to the upside,” Novogratz said. “We kind of got to the finish line. DC has finally agreed in principle that crypto legislation has to happen, that should be bipartisan.”

RISING INTEREST RATES, CRYPTO REGULATION

President Joe Biden vetoed a congressional resolution last week that would have struck down SEC guidance that the crypto industry says has stymied its ability to work with banks.

The guidance — known as staff accounting bulletin No. 121 — has also drawn pushback from banks since it was published in 2022. Lenders have said it effectively restricts them from scaling up services to hold digital assets on behalf of customers by making it too costly.

The White House said in a statement that Biden's advisers "determined that the resolution of disapproval was not the appropriate vehicle to address the concerns raised by the crypto industry and several banking institutions regarding the application of federal banking rules to the custody of digital assets."

The Administration also said that it "supports efforts by Congress and federal banking regulators to consider legislation that would provide a clear and tailored regulatory framework for the safe custody of digital assets by banking institutions."

Meanwhile, rising interest rates and inflation have battered crypto prices this year, with Bitcoin down about 60% from its all-time high. But Novogratz has remained bullish on crypto, predicting earlier this year that Bitcoin will hit $300,000 by the end of the decade.

“I am still long crypto. I still think that the good guys are going to win,” Novogratz said on Tuesday. “I think we will have a good year in crypto.”