Michael Novogratz: “I doubt that the price of bitcoin will exceed $30,000 by the end of the year”

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The CEO of the investment company Galaxy Digital, Michael Novogratz, expects that by the end of the year the rate of the first cryptocurrency will be in the channel from $20,000 to $30,000.

During an interview with a Bloomberg journalistSonali Basak Michael Novogratz noted that the performance of the first cryptocurrency and the entire industry depends significantly on the actions of the US Federal Reserve System (FRS). And now the American economy, like the economies of most countries of the world, is in an “extremely difficult situation.”

“Now there are opinions that everything will work out.I don't believe it too much, but the behavior of the markets suggests that many people do. Perhaps the Fed will be able to keep raising base rates. But can Bitcoin break $30,000 during this rally? We'll see, but I doubt it. I think we will continue to consolidate. In general, I would be quite pleased if Bitcoin lingered in the $20,000 to $22,000 or $20,000 to $30,000 levels and then began a strong rally,” Novogratz said.

He also recalled that recently the largestAsset management company BlackRock and cryptocurrency exchange Coinbase have entered into a partnership that will provide users of the Aladdin platform with access to cryptocurrency trading. Some analysts expect extremely strong growth in Bitcoin against this background. Michael Novogratz also views the agreement positively. This is “incredibly important for the industry,” he said.

Previously, Novogratz said that the fall of the cryptocurrency market is caused by the stupidity of industry participants who understand it too poorly, but use a huge amount of borrowed funds.