Wishes granted? If the sad bear market of thecrypto winter of 2022 seems to be behind us, the cryptoasset market is still a long way off from its former peaks in 2021. Visit Bitcoin (BTC) pricefor example, is stuck around $30,000, when its ATH (highest) was close to $69,000. The billionaire Mike Novogratz expects 4 of his wishes come true before shouting to the next bull run (bull market) in Bitcoin and cryptos.
Will Satoshi’s lamp genie make these 4 wishes come true for Bitcoin?
Ever since Satoshi Nakamoto launched the Bitcoin On January 3, 2009, the valuation of BTC has continued to growing exponentially. This revolutionary monetary unit has already seen at least 3 major bull markets since its first issue. The last of these peaked in November 2021.
For a 4th Bitcoin bull run to get underway, billionaire Mike Novogratz reckons 4 planets need to align. Indeed, in a recent tweet, the Galaxy Digital CEO stated that 8 weeks ago, he « prayed » for the realization 4 events precise. This, in order to review very significant price increases on the crypto market.
- 1) The U.S. Federal Reserve (the Fed) must make a pause in the rise of its key rates ;
- 2) Ripple must win his case against the Securities and Exchange Commission (SEC) ;
- 3) A cash exchange-traded fund (or » ETF spot « ) of Bitcoin must be accepted by the SEC ;
- 4) Binance and his boss Changpeng « CZ » Zhao must reach an agreement with US federal authorities, so crypto exchange giant can continue operations more serenely.
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Two wishes already granted and…
By now, you’ll have realised that already two of the billionaire’s prayers were materialized. Indeed, a first judgment declared – much to the dismay of the SEC – that Ripple’s XRP is not a security (security) when traded on crypto exchanges.
Meanwhile, last June, the Fed decided to finally put on pause the very violent rise in key interest rates by the central bank. This, even if it threatens to raise them once or twice more before a definitive pause.
… another on track: Mike Novogratz is ecstatic
As for the Bitcoin spot ETF, well! with the arrival of the (super) heavyweight BlackRock in this race (as well as those of other Wall Street giants), the SEC may no longer be able to refuse the long-awaited BTC ETF. Unexpected successes, or at least faster than expected by Mike Novogratz, due to his expressed joy:
« (…) I didn’t expect so much progress on at least three of my four wishes.
Fed to increase [peut-être] its rates once again, but will pause afterwards. Ripple’s victory should push [Joe] Biden [et le président de la SEC Garry] Gensler to sit down at the table with Republicans to move legislation forward. And for ETF [spot de Bitcoin]the question is « when ». [il sera approuvé]not if. I have no idea about Binance yet, but I keep praying. »
Indeed, we must pray hard. For his wish for a agreement between Binance and the ferocious US regulators still seems far from won. In any case, this hasn’t stopped CZ’s exchange platform from continuing to develop and expand its offering, as its recent integration of Bitcoin’s Lightning Network. Will we have to wait until 2024 to see all Mike Novogratz’s wishes come true? In any case, they seem to be on track.
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