Mike Novogratz on Ethereum’s Potential

Crypto entrepreneur and billionaire Mike Novogratz believes Ethereum could outperform Bitcoin in the coming months.

During a Thursday interview with CNBC, Novogratz, the CEO of Galaxy Digital, indicated that institutional interest might uplift Ethereum after a recent increase in value.

As of now, Ethereum (ETH) is trading around $3,730 per coin, following a peak of $3,848 earlier in the week. Although it’s still 24% below its all-time high of $4,878 from 2021, the coin is on a recovery path.

Novogratz stated, “I think Ethereum probably has a lot of chance to outperform Bitcoin in the next three to six months. The narrative of ETH is really powerful.” He believes ETH could soon reach $4,000.

Many users anticipate that Ethereum will achieve a new all-time high by the end of 2025, with 55% of predictors confident it will surpass the current record. (Note: Myriad is a product of Decrypt‘s parent company, DASTAN.)

According to Novogratz, significant corporate purchases are driving this ascent. Companies are now adopting a treasury model with ETH, akin to the approach taken with Bitcoin by firms like Strategy (formerly MicroStrategy).

For example, Nasdaq-listed miner BitMine Immersion recently acquired $2 billion worth of ETH, becoming a leader in cryptocurrency holdings. SharpLink Gaming, also Nasdaq-listed, has invested over $1.3 billion in ETH since starting its treasury strategy in May.

American investors are keen on ETH exchange-traded funds, which were authorized by the SEC last year. Recently, these funds saw net inflows of over $726 million in just one day, marking their best single-day performance. Overall, they collectively gained over $2.1 billion last week.

Additionally, Novogratz noted that Bitcoin, the largest cryptocurrency, might reach $150,000 per coin this year. As of now, Bitcoin is trading at $118,628 per coin, showing slight declines over the week but an increase of nearly 12% over the last 30 days, following its recent all-time high of $122,838.