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There will be a “chain reaction” that sends the price of bitcoin soaring towards a six-figure level, according to Mike Novogratz, if the cryptocurrency is able to break through a significant barrier and establish itself in the next weeks. The businessman thinks that if regulations are clear, the first cryptocurrency will grow. The United States House of Representatives passed a measure regulating the cryptocurrency market in May. 
By giving the US Commodity Futures Trading Commission (CFTC) more power to monitor the cryptocurrency market, the Financial Innovation and Technology for the 21st Century Act (FIT21) hopes to establish a regulatory framework. Senate Republicans are very opposed to the measure because their political ideology is different from that of the House. If you believe Galaxy Digital’s founder, FIT21 can be the magic bullet that brings conventional banks and other financial institutions into the cryptocurrency market. This will cause Bitcoin’s value to rise. 
Novogratz also cited the American regulator’s January approval of Bitcoin-linked spot exchange-traded funds as a significant factor. The introduction of the BTC-ETF has made it possible for large financial institutions to participate in the Bitcoin market without actually owning any Bitcoins. 
Following Solana’s recent meteoric rise in value, the businessman has proposed that it could serve as the basis for the next exchange-traded fund (ETF) focused on cryptocurrencies.

Over the course of the year, Bitcoin’s value will soar to $100,000.

Blocksays

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