The company believes that, despite regulatory uncertainty, the price of the first cryptocurrency will update its all-time high as institutional investors start buying digital coins.
Jason Urban, co -head of trading at Galaxy Digital , predicted in an interview with Kitco News that bitcoin would update its all-time high and rise to $ 70,000 by the end of this year.
The trader also used baseball terminology, calling the adoption of bitcoin by institutional investors “the first inning.” An inning in baseball is one of the nine periods into which the game is divided.
This is a kind of analogue of a half in football, a period in hockey or a quarter in basketball.
Urban believes that while many institutional investors wishing to enter the crypto market are constrained by regulatory uncertainty.
But when the situation changes, the price of bitcoin will soar to a new high due to high demand for coins and limited supply, the trader added.
Galaxy Digital was founded by former Goldman Sachs employee Mike Novogratz in 2018. From July 6, 2020, the company’s shares are listed on the Toronto Stock Exchange.
