Mike Novogratz, CEO of Galaxy Digital, which launched a Bitcoin spot ETF in partnership with Invesco, said he thinks Bitcoin will easily break the record price level in the coming period.

Novogratz, who participated in a broadcast on Bloomberg TV, one of the US media, stated that it is now much easier for the older generation, known as “boomers”, to access Bitcoin.

“This is the first time that anyone who wants to buy it has easy access to buy it”

Stating that this group has been waiting for government guarantee to buy Bitcoin for a long time, the famous investor said that such a situation is the first time in Bitcoin history:

“This is probably the first time in the history of Bitcoin that we have true price discovery. And what I mean by that is this is the first time that anyone who wants to buy it has easy access to buy it. And so right baby boomers have $85 trillion of wealth. Their wealth is for the most part managed to register investment advisors who now at least half of them or some portion of them, can just buy the ETF.”

“Bitcoin could fall to the mid-$50,000s”

Stating that Bitcoin could fall to mid-$50,000s in the short term, but he does not expect a sharp decline, Novogratz added that only 1% to 3% of the baby boomers with a wealth of $85 trillion will bring $2.5 trillion to the Bitcoin:

“I wouldn’t be surprised to see some correction and some consolidation. A correction would see it fall to the mid-$50,000s. But I still think we’re gonna end a year much higher. Like I said, $85 trillion of baby boomer wealth, 3% of that is 2.5 trillion. The whole market cap a Bitcoin is only a little more than 1.2 trillion. And so again, we’re gonna see a stepp change function. We’re in the process and i like to call a price discovery.”