(Bloomberg) -- Michael Novogratz, the billionaire who founded crypto financial services firm Galaxy Digital Holdings Ltd., said he expects Bitcoin to stay within its recent price range, and that there haven’t been significant inflows of institutional capital into the space.
“Will Bitcoin get through $30,000 on this move up? We will see -- I’m doubtful. I think we’re going to probably be in this range now. I quite frankly would be happy if we’re in a $20,000, $22,000 or $30,000 range for a while,” Novogratz said in an interview on Bloomberg TV. “We’re not seeing huge institutional flows, to be fair, but we’re not seeing anyone back away.”
The chief executive officer of Galaxy said Ethereum could reach $2,200 or higher at the top of its range, given the momentum ahead of its software upgrade known as the Merge. Bitcoin gained as much as 4.2% and traded at around $23,960 as of 4:30 pm in New York, while Ethereum traded at around $1,790. The largest cryptocurrency rallied last week after a few difficult months of trading, sparking some analysts to set sights on a $25,000 target level.
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With the Federal Reserve tightening rates, “I don’t see the mania that we saw in 2021 or 2017 reigniting,” he said.
Galaxy, which offers businesses ranging from crypto trading and asset management to mining, posted a second-quarter loss of $554.7 million, compared with $182.9 million in the year-earlier period, against a backdrop of digital-asset price declines. The company said it has more than $1.5 billion in liquidity, including over $1 billion in cash.
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