Novogratz says BTC to $60k in 12 months. GLXY Stock Update

by Average Joe Crypto
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Last Friday I listened in on the Galaxy Digital Investor update call. I wanted to share some takeaways with you as well as some other GLXY company updates.

First off, Mike Novogratz said that Bitcoin could go to $60k in the next 12-18 months, which would be about 10% of the total Gold market. Novogratz has made some bold predictions in the past, which were either too early, or just didn’t pan out. His more moderate calls, like BTC to $12k by years end, have been more on track. So his record is mixed, but overall I think he is on the right track with his thinking. It is difficult to believe BTC could be $60k sometime next year, but then again, we all believe it will keep going up. We are all just guessing the timeline and prices at this point.

Some other comments that Novogratz made:

  • “very different tone than the last 8 calls,” regarding how bullish things are for the market and company.
  • “from cautious to very aggressive,” related to the Galaxy Digital investments and outlook
  • His “Thesis is finally playing out”
  • “Ethereum Blockchain most likely where everything else gets built,” which I want to expand on below.

I have always been very bullish on Ethereum, and while Novogratz often talks about Bitcoin, he owns a lot of Ethereum as well and is bullish on it. I agree with his statement about Ethereum. It is where all the technology will be built and used that can’t be used with Bitcoin. Bitcoin is sort of set as one thing at this point, Ethereum has a bright future in all sorts of ways. Things will be built on top of the Ethereum Blockchain that will power all sorts of payments and other platforms and applications.

Another executive on the call mentioned that with the new acquisition of Bluefire Capital and Drawbridge Lending, Galaxy Digital will be a top 5 participant in the global crypto exchange category.

In other news, Galaxy is initially approved to offer for a new Bitcoin Fund. This fund will be available only in Canada. A closed-end investment fund, it will invest directly in bitcoin and will be priced using the Bloomberg Galaxy Bitcoin Index.

Galaxy Digital trades under the stock tickers GLXY and BRPHF.

This is not advice, do your own research.

 

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