This Is When Bitcoin Could Go To The Moon, According To Mike Novogratz
Galaxy Digital CEO Mike Novogratz Is Convinced Bitcoin Price Could Eventually Reach $1 Million
Earlier today, Galaxy Digital CEO Mike Novogratz predicted that Bitcoin’s price would “go to the moon” if the US Federal Reserve became less aggressive, Bloomberg reports:† He announced the prediction during the ongoing Bitcoin 2022 conference taking place in Miami.
The cryptocurrency mogul believes the Fed will raise the benchmark by half a point in its next meeting. This forecast is in line with market expectations. According to Ralph Axel of the Bank of America, there is a 73% rate hike of fifty basis points in May.
As reported by U.Today, the central bank raised interest rates for the first time since 2018 in mid-March after taking a much tougher stance on inflation.
The minutes of the March FOMC meeting, released earlier today, hinted at the Fed’s most aggressive tightening cycle since 1994.
Novogratz believes there will be an economic downturn in the near future, forcing the Fed to roll back the judge. The Fed is expected to shrink its balance sheet by $95 billion a month.
The Galaxy Digital boss has again mentioned the fact that Bitcoin is seeing growing institutional adoption and claims it serves as a store of value.
$1 million is achievable
Novogratz is also confident that Bitcoin’s price could eventually reach the $1 million level.
Last month, the crypto mogul said it could hit $500,000 in five years. His uber-bullish prediction is based on the current adoption cycle.
Bitcoin is currently trading at the $43,700 level on major spot exchanges, falling more than 5% in the past 24 hours.
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