Bitcoin’s value could more than double by the end of this year to $ 1,00,000, cryptocurrency investment firm Galaxy Digital’s founder Michael Novogratz told BloombergQuint. As per Novogratz, this growth will be due to the fact that more companies are set to allow the use of Bitcoin for purchases, the report said.

Share Market Live

NSE

In an interview with BQ, coming on the back of Tesla’s decision to allow customers in the future to buy its electric cars with bitcoins, the long-time crypto enthusiast and investor said that it is these decisions that will have a big impact on the market.

“You’re going to see every company in America do the same thing… One of the things that connect Bitcoin, and Tesla and solar stocks and ESG investing is millennials and Gen Z, young people are buying into the future, and they see cryptocurrencies -- Bitcoin and other cryptos -- as their currencies,” he was quoted as saying in the report.

While Bitcoin’s volatility has made many risk-averse players be highly doubtful about its reliability, the cryptocurrency has been having a good run in recent times. The coin jumped to an all-time high of over $47,000 backed by Tesla’s purchase of $1.5 billion of the token with corporate cash reserves.

Further, reports have emerged of various corporations adding Bitcoin to treasury funds and the city of Miami also considering adding the cryptocurrency to its balance sheet, BQ added.