Bitcoin ‚Off to the Races‘ Near Year-End, Says Michael Novogratz

• Michael Novogratz, the Chief Executive of Galaxy Digital, is optimistic about Bitcoin despite its recent sell-off.
• He attributes this weakness to a lack of institutional buyers and cites two recent developments as being meaningful positives for BTC.
• Novogratz also expects interest rate cuts from the US Federal Reserve to be positive for Bitcoin’s price in the last quarter of 2023.

Michael Novogratz Stay Bullish on Bitcoin

Despite Bitcoin (BTC) having its worst month since November, Michael Novogratz – the Chief Executive of Galaxy Digital – is staying optimistic on the cryptocurrency. On CNBC’s “Squawk Box” he attributed this weakness to a lack of institutional buyers but noted two recent developments that could be positives for BTC.

Two Recent Developments Could Be Positive For BTC

Novogratz believes that WeChat enabling bitcoin and crypto trading and Hong Kong officially allowing retail customers to trade through regulated exchanges are both meaningfully positive news for bitcoins future. Despite May’s sell-off, BTC is still up 65% year-to-date making it one of the best performing assets since January 2023.

Rate Cuts Will Benefit Bitcoin

The billionaire investor also expects Bitcoin to benefit once the U.S. Federal Reserve starts to cut interest rates later this year – something he sees as likely in October or November if economic conditions weaken further in Q3/Q4 2023. Should someone have $10,000 right now, Novogratz would definitely pick BTC over a 5% guarantee return on Treasury Bills due to this potential upside from rate cuts. < h2 > Halving Will Also Have A Positive Impact

Finally, next year’s halving event will see the total supply of Bitcoin cut in half which has historically been a tailwind for price appreciation .