Novogratz on Bitcoin Approaching $100K: 'This Is a Big Moment'
2024-11-23

In a Friday post on the X social media platform, Galaxy Digital CEO Mike Novogratz said that Bitcoin approaching the $100,000 level was "a big moment." 
Earlier today, the leading cryptocurrency by market capitalization hit a new record high of $99,742. 
Novogratz praised the resilience of the cryptocurrency community in his most recent social media post: 
"Shoutout to the crypto community. You’ve endured years of uncertainty and headwinds," he said. 
The cryptocurrency is now up as much as 519% since the collapse of the FTX exchange that plunged the entire industry into chaos back in November 2022. 
Novogratz recently outlined various factors that are contributing to Bitcoin's impressive rally. These factors include the limited supply and growing global demand. 
As reported by U.Today, the Galaxy Digital boss is convinced that $100,000 would be "just the start" for the leading cryptocurrency. 
That said, he did warn that the cryptocurrency would likely experience a price correction due to the market becoming increasingly overheated with excessive leverage. 
Back in May, Novogratz correctly predicted that Bitcoin would end up surging to $100,000, citing stronger institutional demand. 
Earlier this month, the cryptocurrency mogul predicted that Bitcoin might end up surpassing gold by market capitalization as soon as five years from now. 
Novogratz also sees the Bitcoin price surging to $500,000 if the US ends up creating a Bitcoin reserve. 