Bitcoin Could See New Highs in 2023 on Growing Institutional Interest, Says Galaxy Digital CEO

Galaxy Digital CEO Mike Novogratz expects a "parabolic move" for Bitcoin, potentially reaching a new all-time high above $69,000 in 2023.

Novogratz believes Bitcoin's limited supply compared to increasing institutional demand could drive prices higher.

The Federal Reserve's dovish stance and potential 2023 rate cuts are adding momentum to the crypto rally.

Novogratz uses gold's $12 trillion market cap as a benchmark for Bitcoin's growth potential to $200,000-$250,000 eventually.

Bitcoin is already up 150% year-to-date in 2022, mainly driven by optimism around a spot Bitcoin ETF approval.