Mike Novogratz Cryptocurrency Merchant Bank Finally Goes Live This Week

Novogratz Sets Next Target Price for Bitcoin at $40,000

Serial investor and Bitcoin bull Mike Novogratz is days away from launching his own merchant bank Galaxy Digital LP, which begins trading on the Toronto Stock Exchange August 1.

‘We Want To Be Globally Traded’

After an eight-month period of haggling with regulators, the cryptocurrency-focussed project will go live under the GLXY ticker, with plans to extend far beyond the Canadian market.

“We’re going to be a global company; we want to be globally traded,” Novogratz told Bloomberg.

…Unfortunately, the Canadian capital markets aren’t roaring anymore. I have faith that they will come back.

Novogratz had originally planned for Galaxy to debut in January, weeks after Bitcoin hit all-time highs of around $20,000.

Having sold shares at the start of the year, the expectation is for the bank to initially trade lower, as Bitcoin prices having since slid around 40 percent in 2018 despite a recent surge upwards.

‘Not A Mistake’

“If I knew what I know now, knew the crypto markets were going to swoon as much, and it was going to take so long, I might have stayed private for another year or so and then gone public,” he continued.

“But I don’t think it’s a mistake.”

Novogratz has placed renewed faith in Bitcoin’s ongoing bull run, this week forecasting prices had “pretty much bottomed” and that he “thinks the next move up is going to need custody from a trusting source.”

“It’s going to need a little more regulatory clarity,” he continued, in order for prices to break $10,000 again.

The entrepreneur joins an increasing number of sources who are eyeing a significantly higher Bitcoin by the end of the year. As Bitcoinist reported, analysts have highlighted trading activity and technical robustness among major facts which could soon propel the cryptocurrency to new highs.

Currently, the price of BTC/USD is 00

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Source: Bitcoininst