Mike Novogratz reiterated once again his support of the $500,000 prediction for bitcoin’s future. Galaxy Digital CEO, who spoke at the Bitcoin 2022 conference in Miami recently in support of cryptocurrency had also spoken out in his favor once again. He highlighted the potential for the digital asset’s future. Novogratz spoke at the conference and made his prediction, although it was not the first such prediction by the billionaire.
Bitcoin to $500,000
Novogratz shared his thoughts on this prediction. He predicted that bitcoin will reach $500,000 by the end of the second half-decade. The economy and its growing inflation rate were two of the reasons. Although the Federal Reserve has been increasing interest rates non-stop, the billionaire says that once they stop all this, the digital asset will resume its upward trend.
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This billionaire believes that the central bank will not only raise interest rates to combat high inflation but will probably also increase these rates up to 50 basis point. This cannot go on for forever, and eventually the Fed will need to relax. This is when Novogratz predicts that bitcoin will go “to the moon”. The billionaire believes that this will drive the bitcoin price to the moon, which will be as expensive as his prediction of $500,000
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Novogratz didn’t stop at $500,000 however. Bitcoin advocate and maximalist, Novogratz also stated that he believes the price of Bitcoin will eventually rise to $1 million per unit.
Pay Attention To The Dollar
Novogratz seemed to be concerned that bitcoin wasn’t the only asset he was worried about during his Miami conference. As he expressed his hope for the United States Dollar to continue its strong growth, he also spoke about bitcoin.
The billionaire explained the relation between Bitcoin and the Dollar. He said that Bitcoin would go to infinity if the dollar went to infinity, which would be bad for all of us.
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“I go to bed and I pray that the stewards of the U.S. economy don’t screw it up,” said Novogratz. “I really do pray that the dollar is going to be strong and it doesn’t go to infinity because Bitcoin going to infinity means the rest of the Western world has really fallen apart.”
Galaxy Digital’s CEO stated that bitcoin could reach $500,000. His explanation was that most cryptos would soon die, but that more people will want the digital asset. This would drive the bitcoin price to $500,000.
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