The value of Bitcoin (BTC) has fluctuated in 2023 as its supporters push for the cryptocurrency to break over the $30,000 barrier and shake off the bear market that began in 2022. One of Bitcoin’s year’s highlights was the growing interest from institutional investors.
Michael Novogratz, CEO of Galaxy Digital and a millionaire in his own right, has written this statement about his predictions for Bitcoin in 2023. Novogratz noted in an interview with Bloomberg on 29 July that things began to change when Larry Fink, CEO of BlackRock (NYSE: BLK), the world’s biggest asset manager, publicly adopted Bitcoin and became an enthusiastic advocate.
‘Orange-pilled’ is a phrase that was created by Novogratz to characterise Fink after he had changed. It’s important to remember that Fink was sceptical about Bitcoin at first but eventually came around and became an evangelist for digital money.
If you give a nonbeliever an orange pill, they’ll suddenly become a Bitcoin believer. <….> Larry didn’t believe in anything. He is now proclaiming, “Hey, this is going to be a global currency.” Novogratz claimed universal acceptance of the system.
The “adoption cycle” that Novogratz claims might launch Bitcoin to another record high is comprised of BlackRock’s aggressive push for a spot Bitcoin Exchange Traded Fund (ETF) and Fink’s shifting attitude.
A Finbold article from 2018 quotes Fink as saying his customers had “zero interest” in cryptocurrencies, capturing some of his scepticism about the industry. He said that the firm would not be interested in cryptocurrencies unless certain foundations were in place.
The United States has not passed any comprehensive crypto legislation yet, and the Securities and Exchange Commission (SEC) has been accused of trying to suppress the industry.
