Mike Novogratz has expressed optimism about the future trajectory of Bitcoin (BTC) as the cryptocurrency gears up for its highly anticipated halving event scheduled for April 2024.
Novogratz, the CEO of Galaxy Investment, specializing in crypto investments, took to social media to share insights into Bitcoin’s upcoming halving. Bitcoin recently approached a valuation of $52,500, shy of its previous all-time high of $69,000, as its market capitalization breached the $1 trillion mark.
2 months to the halving!! Man time flies… I remember celebrating the last one on a zoom with @ToneVays and @woonomic and tons of other $BTC fanatics!!
Mining about to get a whole lot harder …
But ETF demand and less supply gonna drive price.
Always remember, prices…
— Mike Novogratz (@novogratz) February 15, 2024
He talked about how Bitcoin mining is supposed to get more challenging, which could cause more people to want to buy it and fewer people to be able to sell it, which could make the price go up.
Novogratz said that the way supply changes affects the prices of assets, and he suggested that BTC’s value could surge in the long run if supply goes down and demand stays high.
Institutional Confidence in Bitcoin Surges
Institutional investors’ actions are another sign that BTC is becoming more popular with regular people. The global investment management company BlackRock has increased the amount of BTC it holds to 105,280 BTC for its spot iShares Bitcoin Trust, IBIT. This shows that institutions still have faith in the digital currency.
According to data from the past, however, BTC’s price usually drops in March of split years and then starts to rise again. Matrixport, a top platform for financial services related to digital assets, has seen this trend before, which points to short-term volatility in the middle of long-term bullishness.
Recently, BTC’s mining difficulty hit a record high of 75.5 T. This shows how strong the network is and points to a historically bullish trend for the cryptocurrency.
