Home Business Billionaire expects a glorious 2024 for Bitcoin, gives three reasons

Billionaire expects a glorious 2024 for Bitcoin, gives three reasons

Billionaire expects a glorious 2024 for Bitcoin, gives three reasons

Billionaire Mike Novogratz is very optimistic about the future of Bitcoin (BTC) and the crypto industry. During a conversation at the Global Als conference, the CEO of investment fund Galaxy Digital names three factors that will give Bitcoin a boost this year.

Three positive factors for Bitcoin

First, Novogratz mentions crypto regulation, which will become much clearer this year. From a legislative perspective, the crypto sector has been a Wild West for years. However, there is a good chance that there will be a lot of legal clarity for the industry this year. The lack of clarity in the legislation has been a major obstacle for potential investors.

The second positive factor is the upcoming interest rate cuts by the US Federal Reserve. If interest rates fall, it will be very beneficial for “risky assets” like cryptocurrencies. Despite the recent high interest rates, the crypto sector performed surprisingly well. Not to mention that interest rates are expected to fall later this year.

The final positive factor, according to Novogratz, is the increasing Bitcoin adoption due to Bitcoin spot exchange-traded funds (ETFs). We have of course talked about this a lot in the last few months. But it is undoubtedly a huge catalyst for the growth and adoption of Bitcoin and the crypto sector as a whole.

Crypto regulation is coming

The last two points are fairly easy to demonstrate. Falling interest rates in particular are easy to quantify. However, when it comes to regulation, it’s a different story. Novogratz says:

“The United States is stuck on regulation. But the good news is that we still have eleven months until the election and no matter who wins, Democrats or Republicans, Gary Gensler will no longer be chairman of the Security and Exchange Commission (SEC). Regulation is coming. There is a regulatory agreement between the parties. This is being blocked by Elizabeth Warren, Gary Gensler and several others. But this will change.”

Novogratz therefore assumes that there will be relaxations in regulation this year. Combined with falling interest rates and the new Bitcoin ETFs, this seems to be the ideal recipe for a great crypto year:

“In the next 12 to 18 months there will be regulation, the Fed will cut rates and we have this whole new tool to roll out that is just starting to happen. The ETFs are two weeks old. Typically, ETFs don’t come to market until six or seven weeks after their launch, giving the seller plenty of time to make decisions. Now we have nine major sales parties. Huge parties are selling Bitcoin. This is very big.”

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