Bitcoin Will Be Back Above $70,000 By Q4 2021, Says Galaxy Digital Executive

Jason Urban, co-head of Galaxy Digital Trading at Galaxy Digital Holdings Ltd BRPHF, thinks the bearish sentiment around Bitcoin BTC/USD will be short-lived.

What Happened: In an interview with Kitco News on Thursday, Urban forecasted that institutional players would be back in the space by fall, and the price of Bitcoin would surpass its previous all-time high.

“I definitely think we can see something north of $70,000 by the end of the year,” he said.

“I think that we can expect all that FUD (fear, uncertainty, doubt) that we’ve seen in recent weeks to kind of cause a flat trend in the market through the summer and I think that as we pull into the Fall, a lot of this institutional adoption and these aspirational moves that we’ve seen will start to manifest itself, and we should see the market take out those highs.”

According to Urban, Bitcoin’s recent volatility has caused some players to “ask a lot more questions,” but it hasn’t inherently changed their desire to get into the market entirely.

Read also: 'Keep Dogecoin Absurd,' Dogecoin Creator Revisits His Message From 2014

Urban also believes that the leading digital asset could benefit from more regulatory clarity.

“The smart players [in the crypto space] want to work with regulators to come up with solutions that address their concerns while simultaneously allowing the technology to flourish,” he said.

What Else: Last week, Galaxy Digital partnered with Goldman Sachs Group Inc GS to serve as the bank’s liquidity provider as it begins to trade Bitcoin futures.

Former Goldman partner Damien Vanderwilt who joined Galaxy Digital last year, told CNBC that “Goldman is leaning on Galaxy for access to the crypto world because the highly regulated banking industry can’t handle bitcoin directly.”

Price Action: At press time, Bitcoin was trading at $32,095 down 8.01% in the past 24-hours.

The leading digital asset accounted for 46.94% of the crypto market with a daily trading volume of $36 billion at the time of writing.