Bitcoin Predicted to Reach $500,000 by Mike Novogratz

Alex Dovbnya

Galaxy Digital CEO Mike Novogratz Believes Bitcoin Price Will Hit $500,000 In A Few Years


Short-term bearishnessRegulatory Obstacles

During his Tuesday performance on Bloomberg TVMike Novogratz, CEO of Galaxy Digital, predicted that Bitcoin, the largest cryptocurrency, would hit the $500,000 mark within five years.

Novogratz admits he will be wrong in the adoption cycle if the flagship coin does not reach the aforementioned price milestone.

He claims that Bitcoin grew much faster last year than the internet did in the 1990s.

“I see this going viral everywhere,” Novogratz said.

The cryptocurrency mogul compared Bitcoin to diamonds and gold because it is not controlled by the government.

Short-term bearishness

Bitcoin’s recent run was propelled by the story that the Federal Reserve would “print money forever,” according to the crypto chief. Now that the Fed has turned hawkish, the largest cryptocurrency is in the midst of a bearish trend.

“I don’t think Bitcoin can rise aggressively until we get a break,” Novogratz said.

As reported by U.Today, the billionaire accurately predicted that the crypto market would underperform in early 2022.

The entrepreneur predicts that the Nasdaq tech index, which recently traded with Bitcoin, will continue to be under pressure.

Regulatory Obstacles

The cryptocurrency revolution is not just in one orbit, according to Novogratz. He pointed to the rapid growth of altcoins, non-fungible tokens and dollar-pegged stablecoins.

Even so, there are still some regulatory roadblocks. Novogratz advocated getting rid of BitLicense, New York’s pioneering cryptocurrency regulatory framework.

He also took a swipe at the Securities and Exchange Commission for its controversial strategy of regulation by enforcement.

At the same time, Novogratz once again praised the Biden government’s executive order over crypto.

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