Bitcoin still trades above $40,000. A long way from where it’s coming from, also a long way from where it’s expected to go. Many prominent people in this space keep making their forecasts for major cryptocurrencies public, with very optimistic predictions. Galaxy Digital CEO Mike Novogratz recently put the value of this digital asset at $500,000
Bitcoin in Five Years
Mike Novogratz, the CEO of Galaxy Digital shared his thoughts on bitcoin and other cryptocurrency in a Bloomberg Technology interview. The Galaxy Digital CEO, Mike Novogratz is a vocal supporter of digital assets. His previous bullish views are why his forecasts for the cryptocurrency will not surprise.
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Bloomberg Technology was told by Novogratz that he expects the value of the digital asset to reach $500,000 within the next five years. The CEO said that this is something he expected to happen in the next five-years.
According to him, more people will be moving towards the digital currency to escape the dollar. “The whole world is not going to flip to bitcoin overnight but you’re going to see more and more people say ‘I want to have some of my money outside of the sovereign.’”
Many Cryptocurrencies will die
Novogratz touched also on the controversy surrounding bitcoin and the cryptocurrency market in general, where some believe it can be used for government sanction bypassing. Speaking in relation to the current Russian-Ukraine crisis, he explains that “there is zero chance that the Russian government can use cryptocurrencies to circumvent.”
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According to the CEO, most crypto exchanges that move cryptocurrencies would prohibit this because they require KYC verification. This is due to the fact bitcoin being a public blockchain makes it ineffective for actually using it to bypass government sanctions.
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Novogratz isn’t optimistic about the future of many of the hundreds of cryptocurrency on the marketplace. A good portion of that, around 75% would disappear due to current regulations.
Galaxy Digital Holdings, a public company that holds the fourth largest amount of Bitcoins worldwide, is called the Fourth-largest Public Company. It holds over 16,400 bitcoins, with a total value of $670 million.
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