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Bitcoin will not reach $30K anytime soon: Galaxy Digital CEO

Following the current price surge, Mike Novogratz, CEO of Galaxy Digital and a billionaire crypto investor, believes Bitcoin will remain in a range for some time. He thinks that Bitcoin will not reach $30,000 any time in the near future, and there are currently insufficient institutional funds flowing into the area.

Mike Novogratz stated in a recent interview on Bloomberg TV:

“Will Bitcoin get through $30,000 on this move up? I’m doubtful. I, quite frankly, would be happy if we were in a $20,000, $22,000, or $30,000 range for a while. We’re not seeing huge institutional flows, to be fair, but we’re not seeing anyone back away.”

Galaxy Digital CEO believes Ethereum could reach $2,200 or higher.

On either side, the Galaxy Digital CEO also predicted that Ethereum may reach $2,200 or more at the peak of its range, considering the energy around its system update called The Merge. 

Bitcoin climbed up to 4.2% and was trading at over $23,960, including a market worth of $454 billion, whereas Ethereum was trading at about $1,790. After several challenging months of business, the biggest cryptocurrency surged this week, prompting some experts to establish a $25,000 goal objective.

As the Federal Reserve raises interest rates, Mike Novogratz added,  

“I don’t see the hysteria that we witnessed in 2021 or 2017 reigniting.”

Based on the present macro environment, Mike Novogratz does not predict a massive bull run in the current year.

Mike Novogratz’s Galaxy Digital reported a Q2 loss

Amid a backdrop of virtual asset cost reductions, Mike Novogratz’s Galaxy Digital reported a Q2 loss of $554.7 million on August 8, compared to a deficit of $182.9 million the previous year. According to the corporation, it has around $1.5 billion in solvency, including over $1 billion in cash.

Galaxy Digital, which provides services extending from cryptocurrency trading to financial services to production, was a major investment in the Terra ecosystem. The loss of Terra LUNA was a devastating blow to the company’s immense riches.

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