Bitcoin to surge in 6 months as buyers pivot from Grayscale to new ETFs, Galaxy Digital’s Novogratz says

Bitcoin’s value ought to go “increased in six months” as a result of buyers divesting their Grayscale’s Bitcoin Belief (GBTC) holding would swap to different exchange-traded funds (ETFs), in keeping with Galaxy Digital CEO Michael Novogratz.

Novogratz made this assertion in response to a bearish outlook offered by BTCdata Company’s founding associate, Chris J. Terry, who predicted a short-term downturn for BTC as a result of substantial promoting stress from GBTC.

In line with Terry, the market may witness a $25 billion promoting stress earlier than GBTC is liquidated.

Why BTC will go increased

Novogratz countered this view, noting that whereas buyers divest their GBTC holdings, they’re prone to reinvest in different ETFs.

Novogratz underlined the accessibility of those new ETFs and emphasised their attraction to a broader demographic, together with boomers. He additionally highlighted the potential for leveraging this Bitcoin publicity as much as 4 or 5 occasions.

In his optimistic perspective, the prevailing market unease will subside, resulting in the next Bitcoin valuation inside six months.

“Whereas I believe folks will promote GBTC, I believe most will swap into different ETFs – BTCO being my favourite! Let’s not miss the forest by the timber. It’s now gonna be far simpler for boomers to purchase corn. And you may get 4×5 occasions leverage on this BTC publicity. This indigestion will finish and BTC will likely be increased in 6 months,” Novogratz concluded.

‘Small minority’ of GBTC outflows are going to new ETFs

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