Mike Novogratz Doubles on $500,000 Bitcoin Prediction
Mike Novogratz has once again expressed support for bitcoin’s $500,000 future forecast. The CEO of Galaxy Digital, who recently attended the Bitcoin 2022 conference in Miami, had once again spoken out in favor of the cryptocurrency, highlighting the digital asset’s future potential. Novogratz made his prediction at the conference, but this isn’t the billionaire’s first time making such a prediction.
Pushing Bitcoin to $500,000
Novogratz, who put bitcoin at $500,000 over the next half-decade, had the same thoughts behind this prediction. One was the economy and the rising inflation rates that plagued it. The Federal Reserve had been working non-stop with rising interest rates and all, but the billionaire notes that once the Fed begins to take a break from it all, the digital asset would resume its upward movement.
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the billionaire expected that the central bank will not only raise interest rates because of high inflation, but will likely raise those interest rates by as much as 50 basis points. However, this cannot go on forever and the Fed will eventually have to ease. This is when Novogratz predicts that bitcoin will “go to the moon”. Here’s what the billionaire expects the price of the digital asset to hit as high as his $500,000 forecast.
BTC trading at $43,800 | Source: BTCUSD on TradingView.com
However, Novogratz didn’t stop at $500,000. The Bitcoin proponent and maximalist also explained that he expects the digital asset to eventually reach as much as $1 million apiece.
Wary of the dollar
It seems that bitcoin was not the only concern for Novogratz at the conference in Miami. He also spoke of the US dollar as he expressed hopes that the currency would remain strong rather than fall further.
Putting the relationship between bitcoin and the dollar together, the billionaire explained that the dollar going to infinity would mean Bitcoin going to infinity, which generally wouldn’t be good for the western world in any way.
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“I’m going to bed and praying the stewards of the US economy don’t screw up,” Novogratz said. “I really pray that the dollar will be strong and not go to infinity, because Bitcoin is going to infinity, which means the rest of the western world has really fallen apart.”
The CEO of Galaxy Digital had previously said he sees bitcoin go to $500,000. He had explained that he saw most cryptocurrencies die out over time, but that more people would want to own the digital asset, which would be the main driver for reaching this price.
Featured image from Somag News, chart from TradingView.com