According to Mike Novogratz, CEO of Galaxy, the value of Bitcoin BTC/USD comes from the belief of its users, including people like BlackRock’s Larry Fink, Business Insider reports.
He stated, “180 million people around the world, without a gun to their head, take their hard-earned savings and store it in this community of people that run this technology, you know, called bitcoin.”
See Also: Bitcoin Prices In Limbo But Analysts Identify 3 Potential Catalysts For Growth
BlackRock’s Support for Bitcoin: Novogratz believes that the recent shift in institutional support for Bitcoin, exemplified by BlackRock’s application to establish a Bitcoin spot ETF and Fink’s bullish remarks on digital tokens, could help Bitcoin surpass its $69,000 record set in 2021.
Regulatory Clarity and New Entrants: Novogratz also highlighted Ripple’s XRP/USD recent court victory against the Securities and Exchange Commission and the emergence of Worldcoin, a cryptocurrency developed by OpenAI co-founder Sam Altman, as potential factors that could further boost Bitcoin’s value.
Read Next: Bitcoin, Ethereum, Dogecoin Tumble After SEC Lawsuit Against Internet Marketer Richard Heart
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