Bitcoin’s recent climb to record highs could signal the beginning of a powerful rally for the cryptocurrency market, according to U.S. billionaire Mike Novogratz. The CEO of Galaxy Digital, a leading crypto investment firm, attributes Bitcoin’s surge to renewed optimism following Donald Trump’s victory in the U.S. presidential election—a win he considers “the most important thing” for digital assets in recent years.
Novogratz, a prominent figure in the crypto world and a former partner at Goldman Sachs and Fortress Investment Group, will address the Sohn Hearts & Minds conference in Adelaide this week. Despite having supported Kamala Harris’s presidential bid, Novogratz has already reaped substantial gains from Trump’s victory, with his net worth soaring by nearly $1 billion within a single day last week. Bloomberg estimates his personal fortune at $4.6 billion USD ($6.9 billion AUD).
The billionaire foresees Bitcoin rising from its current level near $75,000 to $100,000 by year-end, fueled by expectations of a pro-crypto stance from the incoming U.S. administration. “I think it’s the most important thing that’s happened to my business, Galaxy, and the cryptocurrency industry in four years,” Novogratz remarked, referring to Trump’s win as a catalyst for the sector.
Novogratz believes Trump’s administration, including Vice President-elect JD Vance and other close allies, could bring much-needed regulatory relief to the crypto industry. “In the U.S., we have been in purgatory – that place between heaven and hell where you just get stuck,” he explained, highlighting the challenges crypto companies have faced under stringent regulatory scrutiny.
“Trump’s going to change all that,” Novogratz predicted confidently. “He ran on a pro-crypto platform, the crypto people were big donors in his campaign, he made pledges and promises, and he’s surrounding himself with crypto people. Tons of his team really like our industry.”
Novogratz expects these changes to pave the way for institutional giants like Goldman Sachs and Citibank to hold cryptocurrency on their balance sheets, a shift that could unlock a new wave of institutional investment. “Galaxy was set up to bring in institutional money, and we’ve done a pretty damn good job, but we’re 20 yards down the field, maybe 15 yards down the field, only for the real risk-lovers,” he said. “For the big, big money, it’s all still waiting, so I think that’s the biggest change.”
Already, Bitcoin prices have rallied by approximately 15%, with Ethereum posting gains between 15-20%, as the market anticipates friendlier conditions under Trump’s administration. “I think it’s going to keep going – we’re through all-time highs,” Novogratz noted. “Our stock has had two massive days because people realise that finally the government’s going to put a tailwind behind these people instead of a headwind.”
At the Sohn Hearts & Minds conference, Novogratz will join a virtual fireside chat with Coinbase’s country director John O’Loghlen to discuss the future of digital assets and emerging opportunities in the sector. As interest grows in cryptocurrencies, the conference offers a timely platform to explore their expanding role in the global financial landscape.
