Bitcoin
Bitocin Price Hits $100,000 as Politicians Warm Up to Crypto
- Crypto bull Michael Novogratz says bitcoin could reach $100,000 by the end of the year.
- He told Bloomberg TV that political resistance is on the wane, which is positive for crypto.
- It doesn’t matter who becomes president in the long run as crypto gains bipartisan support.
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Bitcoin could surpass $100,000 by the end of this year as political hurdles are cleared, said Galaxy Digital CEO Michael Novogratz Bloomberg TV.
“If we withdraw $73,000 in the next week or so, we will end the year at $100,000. Somewhere around there or even further,” the crypto enthusiast said on Tuesday. This indicates a 40% gain from Wednesday’s price of $71,500.
As for why, Novogratz said that in recent weeks he was waiting for two things to catalyze a new rally in bitcoin.
“More regulatory clarity, which I thought was a low probability at that point, and/or the Fed starting to act. We are getting regulatory clarity,” he said. “And even though it’s not perfect, we have enough that people now realize this is coming.”
While it remains a developing tailwind, there are clear signs that the government is changing its attitude towards the industry.
Last month, the Securities and Exchange Commission surprised the markets by approving to see ether exchange-traded funds without hassle or resistance.
Meanwhile, the purchase of about $163 Million in Bitcoin ETF Shares Last Quarter demonstrates that even institutions and pension funds are adopting digital assets, Novogratz said.
But an “unbelievable positive” is actually happening on Capitol Hill, where Democrats are less inclined to treat encryption as a political issue, he noted.
While not all party members have been anti-crypto, he said one select few legislators led the party’s tough stance against these currencies. But now, that’s changing with lobbying and as crypto plays a more important role in election financing.
“The scale has gotten bigger. That’s why the Democrats woke up. About 150 million are on their way to $250 million in these crypto Super PACs,” he said.
As for the election, former President Donald Trump would seem a better fit for the industry given his early embrace of the space, he said, but it will matter less who becomes president in the long run given that pro-crypto rhetoric is becoming increasingly popular. increasingly bipartisan, he argued.
As political obstacles are cleared, Novogratz hopes this will lead to legislation that could spur the growth of crypto. For example, if the Financial Technology and Innovation Act for the 21st Century, known as the FIT21 account, is approved, it would allow large banks to pursue crypto sales and trading, attracting a new wave of institutional financing, he said.
The proposed law aims to create a comprehensive regulatory framework for the US digital asset market.
Bitcoin has lost out on an asset rally fueled by positive comments from the Federal Reserve, while a tight US election race casts doubt on whether Donald Trump will get the chance to implement his pro-crypto agenda.
The digital asset fell 2.4% on Wednesday, following a Fed-fueled surge in an index of megacap tech stocks Magnificent Seven by one of the largest margins in 2024. The token retreated further on Thursday, changing hands at $63,750 as of 6:10 a.m. in London.
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
Forbes Digital Assets
Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
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Bitcoin (BTC) miner Riot Platforms (RIOT)’s second-quarter loss widens to $84.4 million as costs rise
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At a national bitcoin conference in Nashville, Donald Trump finally laid out some of his crypto policy proposals, including a long-awaited part of his plan — building a strategic bitcoin reserve. CNN’s Jon Sarlin explains what it is and why the crypto industry wants it.
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