Following the recording of “The Craman Countdown” on Tuesday, Mr. Novogratz of Galaxy Digital talks about the trajectory of cryptocurrencies.
Bitcoin continued to rise as investors rode the wave after the Securities and Exchange Commission approved the first spot Bitcoin ETF earlier this year, making the digital asset more accessible to investors, and on Wednesday The highest value was updated.
Britain's financial watchdog announced on Monday that recognized investment exchanges will be allowed to issue listed securities backed by cryptocurrencies, becoming the latest regulator to pave the way for digital asset trading products.
The largest cryptocurrency by market value traded above $73,000, surpassing the previous record set earlier this week. Bitcoin has gained about 74% since the beginning of the year, outpacing the S&P 500's 8.2% rise.
“For the first time in history, anyone who wants to buy Bitcoin can now buy Bitcoin,” Galaxy Digital's Michael Novogratz said in an interview on “The Craman Countdown,” predicting further gains for the cryptocurrency. I expected it. “I would like to say $100,000 because this is a rough number, but at the price discovery stage, you don't know where the buying will stop,” he explained.
The SEC's approval of the first spot Bitcoin ETF on January 10 reignited sentiment towards cryptocurrencies.
How Bitcoin ETFS works
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| BLK | BlackRock Co., Ltd. | 816.61 | -10.10 | -1.22% |
Soon after, 11 funds came to market, including BlackRock's iShares Bitcoin Trust. The fund's assets exceeded $10 billion by Monday. The company itself is the world's largest asset management company with over $9 trillion in assets.
These ETFs allow investors to efficiently track the price of Bitcoin, where volatility and fluctuations are not uncommon. This gives registered financial advisors the option to offer assets to their clients. Additionally, Main Street investors can more easily purchase through traditional brokerage accounts.
Live Crypto Prices: FOXBUSINESS.COM
Other Bitcoin ETFs are offered by Ark Investments, WisdomTree, Fidelity, Van Eck, and Grayscale.
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| ARKB | ARK 21SHARES Bitcoin ETF SHS BEN INT | 65.97 | -3.81 | -5.46% |
| FBTC | High-fidelity origin Bitcoin FD beneficial interest share | 57.66 | -3.37 | -5.52% |
| GBTC | Grayscale Bitcoin Trust BTC COM NPV | 58.70 | -3.48 | -5.60% |
| Hodor | Vanek Bitcoin TR NPV | 74.61 | -4.36 | -5.52% |
Reuters contributed to this report
