{"id":106977,"date":"2021-01-03T22:02:13","date_gmt":"2021-01-03T22:02:13","guid":{"rendered":"https:\/\/precoinnews.com\/?p=106977"},"modified":"2021-01-03T22:02:13","modified_gmt":"2021-01-03T22:02:13","slug":"mike-novogratz-attributes-btcs-rise-past-30k-to-institutional-adoption","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/mike-novogratz-attributes-btcs-rise-past-30k-to-institutional-adoption\/","title":{"rendered":"Mike Novogratz attributes BTC&#x27;s rise past $30K to institutional adoption"},"content":{"rendered":"<p>Galaxy Digital founder and CEO Mike Novogratz believes institutional investors are helping drive the current Bitcoin bull run.<\/p>\n<p>In an interview with BBC World News today, Novogratz said governments around world printing money and \u201cdebasing fiat money\u201d was fueling the ongoing Bitcoin (BTC) bull run, but institutional players getting into crypto may be the bigger story. The Galaxy Digital CEO said major firms had changed their tune on crypto in the last three years, potentially affecting the supply of available coins.<\/p>\n<p>\u201cNow we\u2019re seeing places like PayPal \u2014 at 340 million customers \u2014 servicing Bitcoin and selling Bitcoin [along with] big insurance companies in the United States,\u201d said Novogratz. \u201cAs the institutions move in, there just is not a lot of supply [&#8230;] There are a lot more than 21 million millionaires out there.\u201d<\/p>\n<p>Macro investor Raoul Pal echoed Novogratz\u2019s bullish sentiment, saying that he believes it\u2019s possible for the price of Bitcoin to reach &#8220;between $400K and $1.2M&#8221; by the end of this year if trends were to continue. Pal revealed in November that 98% of his liquid net worth was invested in BTC and Ether (ETH), but added that he \u201cstill [doesn\u2019t] own enough.\u201d<\/p>\n<p>Novogratz has also changed his opinion on what percentage of their portfolios investors should be allocating to Bitcoin. Before November, the Galaxy Digital CEO said Bitcoiners should have invested up to 3% into BTC and HODLed for five years. However, last month he advocated new investors put 5% into BTC because \u201cBitcoin\u2019s not going back to zero.\u201d<\/p>\n<p>Many major institutions joined the crypto space for the first time in 2020. Business intelligence firm MicroStrategy announced that it had purchased $425 million in BTC \u2014 an investment now worth more than $1.2 billion \u2014 and later bought the dip to add $650 million BTC to its holdings. In December, Massachusetts-based insurance firm MassMutual purchased $100 million in BTC for its general investment account.<\/p>\n<p>At the time of publication, the price of Bitcoin is $33,727, having risen 6% in the last 24 hours. This puts the crypto asset within reach of a new all-time high since passing $34,700 earlier today.<\/p>\n<p>Source: <a href=\"https:\/\/cointelegraph.com\/news\/mike-novogratz-attributes-btc-s-rise-past-30k-to-institutional-adoption\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Galaxy Digital founder and CEO Mike Novogratz<\/p>\n","protected":false},"author":3,"featured_media":106976,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Mike Novogratz attributes BTC&#x27;s rise past $30K to institutional adoption - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/mike-novogratz-attributes-btcs-rise-past-30k-to-institutional-adoption\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mike Novogratz attributes BTC&#x27;s rise past $30K to institutional adoption - 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