Famous Investor Announces Developments That Will Take Bitcoin Price to $100,000

Mike Novogratz, founder of Galaxy Digital, listed the developments that could take the price of Bitcoin (BTC) to $ 100,000.

Bitcoin, which broke the price record by approaching $74,000 in March, gained 3.2% in value in the last 24 hours and exceeded $71,100, according to CoinGecko data.

Legal uncertainties are eliminated

Novogratz said that, compared to a few weeks ago, legal uncertainties in the United States are slowly beginning to be resolved.

“The capital has finally agreed in principle that crypto legislation needs to be done,” said the Galaxy Digital founder.

The House of Representatives and the Senate rejected the Securities and Exchange Commission's (SEC) memorandum, codenamed SAB 121, which would have made it harder for financial institutions to hold cryptocurrencies. However, the bill rejecting the declaration was vetoed by Biden.

According to Novogratz, the cancellation of this declaration in the future will enable banks such as the Bank of New York to provide custody services for cryptocurrencies.

The House of Representatives also approved the 21st Century Financial Innovation and Technology Bill last month. According to Novogratz, its enactment will pave the way for institutions such as Citibank to trade cryptocurrencies.

$100,000 goal for the end of the year

Novogratz commented on the change in the legal situation in the USA by saying, "What was once a headwind is now blowing from behind."

With the clarification of cryptocurrency legislation and the increase in institutions purchasing cryptocurrencies, prices are expected to rise.

“If we break through the $73,000 level almost next week, we could end this year at $100,000 or maybe even above that,” Novogratz said.