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Bitcoin could hit a new high

 


Bitcoin could hit a new high now that BlackRock's Larry Fink got 'orange-pilled' and became a true believer, billionaire Mike Novogratz says

BlackRock CEO Larry Fink's conversion into a bitcoin devotee is this year's headline event for the token and could send it to a new record high, crypto bull billionaire Mike Novogratz said.

"I think the most important thing that happened this year in bitcoin is Larry Fink," the Galaxy CEO said in an interview on Bloomberg TV with David Rubenstein. "He got 'orange-pilled,' as we say — orange-pilled is when you take a non-believer and you make him a believer in bitcoin  — and Larry was a non-believer, now he says, 'hey, this is going to be a global currency.'"

The comments follow BlackRock's June application to establish a bitcoin spot ETF; it's among the biggest signals of institutional support for the cryptocurrency.

Added to that, Fink himself has remarked bullishly on digital tokens, saying they could revolutionize finance. That's after he laughed off bitcoin in 2017 as a measure of demand for money laundering. 

To Novogratz, such a personal change in a major CEO's viewpoint indicates shifting attitudes towards the digital currency.

"Value comes from when people believe there's value, and now we have this preponderance of evidence," he said. "180 million people around the world, without a gun to their head, take their hard earned savings and store it in this community of people that run this technology, you know, called bitcoin."

This pivoting sentiment could help bitcoin surpass its $69,000 record set in 2021, Novogratz said, further supported by a future cut in interest rates. The token has shifted around the $30,000 mark for the past few months.

Similarly, Fundstrat said last week that a bitcoin ETF from BlackRock could drive a boost in daily demand for the crypto token, sending the price to $180,000 by April.

Another upside factor Novogratz noted was Ripple's recent court victory against the Securities and Exchange Commission, when a judge ruled its cryptocurrency was not a security for the general public. To him, this showed that the regulatory rules "are no where close to clear."

He also touched on the new Worldcoin, a cryptocurrency developed by OpenAI co-founder Sam Altman. The token stands out for its use of an eyeball scanner, used to establish unique digital identities per user. 

Noting that it would be a bad idea to bet against Altman right now, Novogratz said of Worldcoin: "I think the price potentially can go a lot higher, because there's an AI-hype cycle."

The currency was trading at $2.33 as of Monday afternoon. 

Source: markets.businessinsider.com

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