Mike Novogratz Projects Bitcoin Price To Reach IDR 1.6 Billion, Regulation Is Key

Mike Novogratz projected the price of Bitcoin to reach Rp1.6 billion, regulations are key (Photo; Doc. Reuters)

JAKARTA - Galaxy Digital CEO Mike Novogratz projects the price of Bitcoin could reach 100,000 US Dollars (approximately IDR 1.6 billion) by the end of this year. This prediction comes after the price of Bitcoin rose above 70,000 US Dollars (approximately IDR 1.14 billion) with investors optimistic of hitting a new record high after the approval of the Bitcoin Spot ETF. Like the views of many analysts and executives, crypto regulation in the United States is essential to drive market growth.

Quoted from CoinGape, in a recent interview with Bloomberg, Mike Novogratz explained that if the price of Bitcoin rises to US$73,000 (around Rp1.18 billion) next week, then this price could shoot up to 100,000 US Dollars towards the end of the year. According to him, the market created a price range, and because the price of Bitcoin has reached 70,000 US Dollars, it is in the price range of 100,000 US Dollars.

... if we reach 73,000 US Dollars next week, we will end the year at 100,000 US Dollars, or even higher. Market creates a price range... " said Novogratz.

This year's Bitcoin Spot ETF approval has led to a surge in asset prices. The flow of funds into this ETF reaches 60 billion US Dollars (around Rp977 trillion) as institutional investors are increasingly interested in Bitcoin. As the bullish momentum increases, investors enjoy a massive accumulation of institutions.

In addition, recent events show increased adoption and a positive macro-economic outlook for market leaders. According to Novogratz, what was previously an obstacle has now turned into a driving force. Institutional companies that increase Bitcoin exposure through the ETF are positive indicators that more accumulation is happening.

In recent weeks, crypto regulation has become a major topic in the industry as executives seek regulatory clarity to increase investment. Novogratz and other crypto executives welcomed bipartisan support for the FIT21 Bill. The bill aimed at bringing this regulation through in the House of Representatives and is now facing its fate in the US Senate.

However, the Senate canceled SATURDAY 121 was vetoed by Joe Biden. This move sparked criticism from the crypto community among users who expect the Financial Innovation Bill. Novogratz added that the market is getting regulatory clarity despite some obstacles.