Mike Novogratz Doubles Down On $500,000 Bitcoin Prediction

Mike Novogratz Doubles Down On $500,000 Bitcoin Prediction

Mike Novogratz has as soon as once more reiterated his assist for the $500,000 future prediction for bitcoin. The Galaxy Digital CEO who was just lately on the Bitcoin 2022 convention held in Miami had spoken in favor of the cryptocurrency as soon as extra, highlighting the long run potential of the digital asset. Novogratz gave his prediction talking on the convention however this isn’t the primary time that the billionaire could be making such a prediction.

Pushing Bitcoin To $500,000

Novogratz who put bitcoin at $500,000 within the subsequent half-decade had shared ideas behind this prediction. A type of had been the financial system and the rising inflation charges which were plaguing it. The Federal Reserve had been working continuous with growing rates of interest and stuff however the billionaire notes that when the Fed begins to take a pause from all of this, then the digital asset would resume its upward motion.

Associated Studying | Bitcoin Buying and selling Quantity Continues To Stay At Low Ranges

The billionaire expects that not solely will the central financial institution elevate rates of interest because of the excessive inflation, however it would additionally doubtless elevate these rates of interest by as excessive as 50 foundation factors. Nonetheless, this can’t proceed on perpetually and the Fed will ultimately must ease up. That is when Novogratz predicts that bitcoin will go “to the moon”. That is what the billionaire expects will push the worth of the digital asset as excessive as his $500,000 prediction.

Bitcoin price chart from TradingView.com

BTC buying and selling at $43,800 | Supply: BTCUSD on TradingView.com

Novogratz didn’t cease at $500,000 although. The Bitcoin proponent and maximalist additionally defined that he expects the digital asset to ultimately attain as excessive as $1 million apiece.

Cautious Of The Greenback

It appears bitcoin was not the one asset of concern for Novogratz in the course of the Miami convention. He additionally touched upon america greenback as he expressed hope that the foreign money would proceed to be sturdy as an alternative of continuous to fall. 

Piecing collectively the connection between bitcoin and the greenback, the billionaire defined that the greenback going to infinity would imply Bitcoin going to infinity which might general not be good for the Western world in any method.

Associated Studying | Bitcoin Trade Traded Merchandise Close to 1% Of Complete BTC Provide

“I am going to mattress and I pray that the stewards of the U.S. financial system don’t screw it up,” mentioned Novogratz. “I actually do pray that the greenback goes to be sturdy and it doesn’t go to infinity as a result of Bitcoin going to infinity means the remainder of the Western world has actually fallen aside.”

The Galaxy Digital CEO had beforehand mentioned that he sees bitcoin going to $500,000. He had defined that he noticed most cryptocurrencies dying out with time however that extra folks would need to personal the digital asset which might be the key driver behind it hitting this worth level.

Featured picture from Somag Information, chart from TradingView.com

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