“BlackRock Is About to Send Bitcoin Straight to $150,000” – Mike Novogratz & Tom Lee

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Credit: CNBC Television
Galaxy Digital CEO Michael Novogratz on crypto rally: Still see bitcoin ending the year a lot higher

Credit: CNBC Television
Bitcoin could get as high as $150,000 this year, says Fundstrat’s Tom Lee

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I said 75 what what did you say to me I I think it’s you know could be as high as 150,000 this year so double what I thought was 150,000 so we’re tripling at this point you ascribe nothing to the idea that Bitcoin is a beloved uh

Currency for those who are trying to do nefarious things if 99% of the nefarious activities were were using dollars why don’t you have the same negative Viewpoint towards a dollar it has a great utility in the same way the car has a great utility well you don’t know you don’t because

You don’t appreciate the utility of Bitcoin doesn’t mean that other people don’t appreciate it the spot Bitcoin etf’s excitement is still in full bloom even after over a full month of trading earlier this week senior Bloomberg ETF analyst Eric balchunas reported very unusual volume activities in vanex

Hoddle and wisdom trees BTC W Bitcoin ETFs according to the Post both Bitcoin ETFs had massive spikes in volume considerably larger than the activities recorded during the previous trading sessions for both products here is the post hodle is going wild today with $258 million in volume already a 14x jump

Over its daily average and it’s not one big investor which would make sense but rather 32,000 individual trades which is 60x its average typically when the daily volume is greater than an etf’s total ass sets as in this case it means one big creation I’ve never seen a

Grassroots trading explosion come out of nowhere like this in a follow-up post Eric revealed that the same thing had happened with wisdom trees’s BTC W the post reads BTC W is also popping off $154 million trades 12x its average and 25x its assets via 23,000 individual

Trades for context it saw a mere 221 trades on Friday at the same time black Rock’s ibit volume is elevated but not crazy like this with more unusual activities expected for these ETFs as well as the other seven prominent Bitcoin and crypto investors are becoming even more bullish

About the bull market in recent interviews with CNBC television Galaxy digital CEO Mike novag Gratz and fund rat Market analyst Tom Lee discuss bullish outlooks on bitcoin both are certain that the leading cryptocurrency will hit new all-time high before the year end Tom is also predicting a cycle peak of

$150,000 per coin but known Bitcoin Advocates are not the only ones giving bullish predictions and defending Bitcoin nowadays during the interview with Tom Lee CNBC hosts Joe kernin and Andrew sorin get into an interesting Faceoff about Bitcoin as we bring you clips from novag gratzes and Lee’s

Interviews please take a little time to like this video subscribe to the channel and ensure you stick around to the end of the video so you don’t miss any part of the action thanks and enjoy we’ve come a long way fast both in US stocks and in crypto I mean crypto it’s almost

Felt too easy right you know we’ve gone up almost every day and so it wouldn’t surprise me if there’s some consolidation um right trees don’t grow to the sky but I think the big story is we’ve now opened up the institutional that really the the raia community right

$45 trillion dollar of wealth are managed by Brokers and you know we’ve got baby boomers who own most of the wealth in America and they’re getting their first easy access to bitcoin and you’re seeing it through these ETFs the massive growth in a very short period of

Time uh in this whole ETF complex um and I don’t think that’s going to stop right last night we had $135 million of inflows after you that slowed down from 400 400 350 uh Paul tutor Jones taught me early on in my career that prices get set on

The margin right and so we’ve got more buyers and sellers prices go up and I see a kind of a constant these are hodders as well right these are guys that are buying to put it in their portfolio and hold they’re not Traders and so the ETF buyers in general that

Are coming through these Raa channels um I think are taking Supply off the market so I still see Bitcoin ending the year a lot higher that said could we consolidate around here for a little while of course we could how how many advisers can actually recommend recommend Bitcoin as a product today

Versus how many will be able to do that in 6 months from now I don’t have a perfect answer but I would tell you at least double in six months right there are big channels that still aren’t turned on that we know they’re going to get turned on right we’re in

Conversations with them these are the big platforms uh and like there’s an inevitability to it why because their customers are calling and and bitching at them and saying we want to buy Bitcoin with you and so then the sales guys who get paid for selling stuff are

Screaming at their bosses and so I’m certain it’s going to happen like this is not it might happen it is gonna happen it just takes time these organizations are very conservative uh in general and you know crypto scared the heck out of people 18 months ago and

So there’s still Scar Tissue you know it’s surprising that we have a a you know approved you know us sanction Bitcoin ETF and it’s still very difficult for a lot of crypto companies just to get banking services in the US if I asked you to make the downside case

For Bitcoin what would it be in your mind you know 45,000 42,000 uh what would get you there it could be uh some regulatory you know kurur fuffle uh it could just be the market got a little long and you you get people people scared um I don’t see that

As a as a high probability but you know we broke out you just look at the chart we kind of broke out from 45 and so pushing through where you broke out from happens often in markets you know it’s not supposed to be easy to make money

You got to get scared a few times and that’s what’s been so impressive about the real core Bitcoin Community like they just they just take the pain and and and buy more I mean there’s such a belief system around this asset um but it wouldn’t surprise me if if something

Happened that we’re not paying attention to you know when markets get new buyers and start breaking out uh it’s hard to have a price prediction I I do think we will test the old highs you know with in a relatively short period of time and if

You take out 69,000 usually you don’t go right through the first time you’ll touch them and you’ll come all the way back and you’ll be mad you didn’t sell something and and then it takes off again but once you break 69,000 listen it could measure to 150,000 right

125,000 it is expected that novag Gratz is bullish on bitcoin and other cryptocurrencies he is a long-term Bitcoin Bull and has been for years however Joe kernan’s optimism about Bitcoin is a breath of fresh air just last week he was grilling the SEC chair Gary Gensler about his biased approach

To bitcoin the SEC chair continues to insist Bitcoin is only relevant because money launderers and other criminals love it during the interview with Tom Lee sorin tries to argue against Bitcoin using the same lines and kernin immediately checks him here are clips from the interview I said 75 what did

You say to me I I think it’s you know could be as high as 150,000 this year so double what I thought was 150,000 so we’re tripling at this point yeah because you’ve got demand improving with the ETF and you have the supply shrinking with the havening and if

Monetary policy eases which we expect you know that’s supportive of risk assets and bitcoin’s holding up I mean that’s another reason why I don’t think a draw Down’s going to start that soon I mean bitcoin’s been rallying last couple weeks it is sound money um and I think

It’s proving to be useful and what proving to be useful how well it’s very useful if you’re an investor right now yes it’s been a great store value uh it’s been a good risk asset it’s also incredibly secure you know there hasn’t been a single fraudulent entry on the

Blockchain since Inception I don’t think any bank can say that’s true of their p&l and accounting you know 6% of banking transactions are suspicious 0% on the Bitcoin what did you go through the list of sort of terrible terrible illegal Behavior people in that world seem to love Bitcoin what does that say

About this well Pirates were the first people that like gold so we knew gold was a good store of value but I think equally important you know the dollar is used in more illicit activities I will take Gary gendler’s side on this particular description of the situation yeah a car has

Immense value to society economic value to society there’s a utility why does itate with you you could argue that uh strong Tylenol actually has a history the world in the history of the world right if 99% of the nefarious activities were were using dollars why don’t you have

The same negative Viewpoint towards a dollar it has a great utility in the same way the car has a great utility well you don’t know you don’t because you don’t appreciate the utility of Bitcoin doesn’t mean that other people don’t appreciate it the only people right now that appreciate the the no

That’s not true that’s not true I I don’t appreciate it because I’m using it for ransomware I appreciate it because it’s a store value I consider a store of value or store value that goes up if we store value it would stay one price no no like gold was

$300 not too long ago it’s now $2,000 it doesn’t stay at the same price it goes up as you print more money it’s really interesting how Tom just takes a back seat while the interviewers go back and forth however their spat should not take Focus away from Tom’s bullishness and

The metrics he predicts could take Bitcoin to new all-time highs and above in 2024 Tom gives three reasons the first is that Bitcoin ETFs will start scooping up Bitcoin from the market driving up demand for the leading cryptocurrency the second reason is the 2024 Bitcoin Hing event which he

Explains is going to create a huge supply shock reducing the Bitcoin block reward from 6.25 to 3.125 bitcoin Tom’s third reason is that the US Federal Reserve will soon start cutting rates which will be highly beneficial for risk assets like Bitcoin what are your thoughts on Mike’s and Tom’s predictions

And outlook for Bitcoin please drop your comments and observations in the comment section below subscribe to the channel and turn on post notifications for more videos like this thanks for watching