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Galaxy Digital Holdings Ltd. (OTC:BRPHF) founder and CEO Mike Novogratz is optimistic about Bitcoin's (CRYPTO: BTC) future, predicting a rise in its value by the end of the year.
The investor also anticipates the approval of Bitcoin exchange-traded funds (ETFs) in the U.S.
“I think it ends the year higher,” Novogratz told Bloomberg News.
Bitcoin is currently consolidating between $28,000 and $32,000. The cryptocurrency's value could increase further once the Federal Reserve concludes its interest-rate hikes.
Bitcoin has seen an 18% surge in the past month and an 84% increase this year.
This growth is largely attributed to the anticipation of a potential US approval of a Bitcoin ETF.
“People have made a lot of money, so there’s some supply pressure today," Novogratz said.
The approval of a Bitcoin ETF will lead to widespread adoption of Bitcoin by investors who previously couldn't access this asset class, through firms like BlackRock Inc. (NYSE:BLK) and Invesco, Novogratz says. Cathie Wood's Ark Invest is also applying for a spot bitcoin ETF.
Novogratz views the potential approval as a "seal of approval" from the Securities and Exchange Commission and the U.S. government, affirming Bitcoin as an asset.
When questioned about Galaxy's potential listing in the U.S., Novogratz revealed that the firm is "in the process," but admitted that it's been a "long and frustrating path."
Galaxy, currently listed in Toronto, has been working towards becoming a Delaware-incorporated company and plans to list on the Nasdaq, pending an ongoing review by the SEC.
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