Galaxy Digital founder: Bitcoin unlikely to fall below $50,000, SEC will eventually approve spot Ethereum ETF

TechFlow news, according to The Block, billionaire Mike Novogratz, founder and CEO of Galaxy Digital, said that unless major events such as negative Bitcoin ETF spot liquidity occur, Bitcoin is unlikely to fall below $50,000.

Novogratz said that Bitcoin prices continue to rise mainly due to continued inflows into U.S.-approved spot Bitcoin exchange-traded funds.

He believes that Bitcoin is currently in price discovery mode and may eventually reach $100,000. At the same time, he believes that spot Bitcoin ETFs are unlikely to hold more than 20% of the total number of Bitcoins.

Novogratz said the U.S. Securities and Exchange Commission (SEC) will eventually approve a spot Ethereum ETF.