Billionaire Investor Maintains Bitcoin ($BTC) Price Will Hit $500,000, but Not Over the Next Five Years
Billionaire investor Mike Novogratz has revealed that he still believes the flagship cryptocurrency Bitcoin ($BTC) will trade at $500,000 per coin in the future, but delayed his prediction over the Federal Reserve and other central banks raising interest rates to rein in on inflation.
During an interview with Bloomberg, Novogratz said that he believes $BTC will trade at $500,000 but “not in five years,” as per his words Federal Reserve chairman Jerome Powell found “his central banking superpowers.”
Bitcoin and other risk assets have been seeing their prices plunge over the last few months as central banks throughout the world raise interest rates to bring down inflation. Moreover, the collapse of FTX, which is believed to have invested users’ funds and now owes over $3 billion to its largest creditors, have accelerated losses in the crypto space.
Per Novogratz FTX’ collapse, along with that of hedge fund Three Arrows Capital and lenders, Celsius Network and BlockFi, certainly hurt “the overall confidence in crypto, but that too shall pass.”
Novogratz is a former hedge fund manager and the founder and CEO of Galaxy Digital, a “diversified financial services and investment management innovator in the digital asset, cryptocurrency, and blockchain technology sector.” The firm is now reportedly looking to acquire distressed and cheap crypto assets via “some small acquisitions.”
Galaxy Digital has also reduced its balances on cryptocurrency exchanges and is now looking closely at their reserves as a precaution, as it was affected by FTX’s collapse. Last year, the billionaire suggested BTC’s price could hit $500,000 as early as 2024.
As CryptoGlobe reported, popular on-chain analyst Willy Woo has recently revealed that he believes Bitcoin is currently mirroring a bottom formation seen over the last two bear markets the flagship cryptocurrency has endured, in 2015 and 2018.
Woo said that he believes we’re at a time in the cycle in which “people buy, they put a floor price, the volatility drops.” Per his words, the same thing happened during the 2018 and 2015 bear market bottoms, and even in the 2012 bear market bottom. He added that “people are holding the price up because they want Bitcoin.”
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