Jason Urban, Co-Head of Galaxy Digital Trading at Galaxy Digital, believes that Bitcoin's price decline for several months, which began in April (when the world's largest cryptocurrency began to decline from record highs), will only be until the summer.
Galaxy Digital is a diversified financial company specializing in cryptocurrencies, with four areas of activity:
Asset managementTradeMain investmentsInvestment bankingThe firm, founded by Michael Novogratz, recently partnered with Goldman Sachs to trade bitcoin futures.
Urban said that institutional investors will appear in this area again by the fall and will raise the price to break new historical highs, reaching at least $ 70,000 by the end of the year.
"I assume that we can safely see the price of bitcoins above $ 70,000. And most likely, the flat formed by psychological factors, such as uncertainty, doubts, fears, will last during the summer," Urban stated.
So what has been holding back so far?
Urban emphasized that institutional investors need to get more clarity in the rules.
He added that law-abiding players in the crypto space want to work with regulators to take over the power to solve problems, thereby allowing technology to evolve and develop.
Urban's comments were made due to the fact that Bitcoin has just faced a new onslaught of criticism, this time from the Bank for International Settlements (BIS), which recently reported that cryptocurrencies are a speculative asset, not money, and in most cases, it is used as money laundering, ransomware attacks and other financial crimes.
Before that, the People's Bank of China declared over-the-counter bitcoin trading in China illegal and banned several large miners from mining, reducing the cryptocurrency mining capacity in the country by 90%.
Urban said that regulation can be useful, but attempts to ban Bitcoin are simply useless.
According to him, progress cannot be outlawed. It can be regulated, but not declared illegal.