Galaxy Digital CEO Mike Novogratz predicts that after consolidating in the short term, Bitcoin (BTC) will witness a bullish fourth quarter and rally alongside the stock market.
In a new interview on CNBC’s Squawk Box, Novogratz says that as one of the big winners of the year, crypto will “drive on” ahead with the S&P 500.
“Prices will probably stabilize here a little bit and consolidate. You won’t just keep going up forever. But my guess is fourth quarter, the S&P 500 has a good quarter and crypto has a good quarter. Usually the winners of the year, when they’re that much ahead, just drive on.”
Novogratz says a massive paradigm shift is happening in the crypto space, and not just with Bitcoin. He references Ethereum (ETH) competitors that are starting to rise to prominence, as well as mainstream corporations like Visa embracing non-fungible tokens (NFTs).
“I think there’s a recognition that things are going to be built on blockchains, and so it’s Ethereum, it’s LUNA, it’s Solana, it’s what we call [Layer 1] protocols. All have really jumped in the last four weeks. As a matter of fact, Ethereum has lagged a lot of these other smaller protocols as people try to figure out which one wins. Ethereum is certainly the leader, and I don’t see it being dethroned, but it doesn’t mean these other protocols wouldn’t have a piece of that fabric. So it’s hard to predict where prices go when you have a paradigm shift.
The paradigm shift is, up until recently, people go, ‘What is this crypto stuff?’ And now you got Walmart, Visa, everybody saying, ‘Hey, I’ve got to participate.’ So I think it’s really an important time in this space, and I think prices are recognizing that.”
Featured Image: Shutterstock/Image Craft