Positive Shift in US Political Environment Could Boost Crypto to $100,000, Says Novogratz

According to Bloomberg, Mike Novogratz, a well-known figure in the cryptocurrency world, has predicted that the price of Bitcoin could reach $100,000 or higher by the end of the year. This prediction comes in light of a more positive political environment in the US towards cryptocurrencies. Novogratz made these comments during a recent interview on Bloomberg Television. In the past few weeks, the sentiment towards cryptocurrencies has become more positive, according to Novogratz. This shift in sentiment is evident in the actions of the US Securities and Exchange Commission, which has taken steps towards approving exchange-traded funds that invest directly in Ether. Additionally, political donations supporting pro-crypto candidates have increased, and even presidential candidates have been competing on their stance on cryptocurrencies. Novogratz stated, 'I think we are getting skewed to the upside. We kind of got to the finish line. DC has finally agreed in principle that crypto legislation has to happen, that should be bipartisan.' However, not all recent developments have been positive. President Joe Biden vetoed a guidance known as staff accounting bulletin No. 121, which has drawn criticism from banks since its publication in 2022. Banks argue that it effectively restricts them from scaling up services to hold digital assets on behalf of customers by making it too costly.