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Mike Novogratz attributes BTC’s rise previous $30Okay to institutional adoption

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Mike Novogratz, founder and CEO of Galaxy Digital, believes institutional investors are driving the current bitcoin bull run.

In an interview with BBC World News today, Novogratz said that governments around the world that print money and “discount fiat money” are fueling the ongoing bull run of Bitcoin (BTC), but institutional players involved in crypto , could be the bigger story. Galaxy Digital’s CEO said large corporations have changed their attitudes towards crypto in the past three years, potentially affecting the supply of available coins.

“Now we see places like PayPal – with 340 million customers – servicing bitcoin and selling bitcoin [along with] large insurance companies in the US, ”said Novogratz. “While the institutions are moving in, there is simply not a lot on offer […] There are well over 21 million millionaires. “

Fun on the BBC. pic.twitter.com/mTSNXMVceZ

– Mike Novogratz (@novogratz) January 3, 2021

Macro investor Raoul Pal reiterated Novogratz’s bullish sentiment, saying he believes the price of Bitcoin could hit “between $ 400,000 and $ 1.2 million” by the end of this year if trends continued. Pal announced in November that 98% of his net liquid assets were invested in BTC and Ether (ETH), but added that he “is still [doesn’t] own enough. “

Novogratz has also changed his mind about the percentage of their portfolios investors should allocate to Bitcoin. Before November, the CEO of Galaxy Digital said Bitcoiners should have invested up to 3% in BTC and HODLed for five years. However, last month he advocated that new investors should put 5% in BTC because “Bitcoin doesn’t go back to zero”.

Many large institutions joined the crypto room for the first time in 2020. Business intelligence firm MicroStrategy announced that it bought $ 425 million in BTC – an investment now worth more than $ 1.2 billion – and later bought the dip to increase its holdings by 650 million US dollar increase. In December, Massachusetts-based insurance company MassMutual bought $ 100 million in BTC for its general investment account.

At the time of writing, Bitcoin is priced at $ 33,727 after rising 6% in the past 24 hours. This brings the crypto asset to a new all-time high since it topped $ 34,700 today.

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