Bitcoin Will Hit $500k, Predicts Billionaire Investor Mike Novogratz

Bitcoin Will Hit $500k, Predicts Billionaire Investor Mike Novogratz

  • Mike Novogratz has predicted that Bitcoin will hit a price tag of $500,000 but “not in five years” due to unfavorable conditions.
  • The billionaire investor stated that the Federal Reserve chairman Jerome Powell found “his central banking superpowers” which worsened BTC price action.
  • Collapse of FTX and 3AC have furher decreased “the overall confidence in crypto, but that too shall pass,” said Novogratz.

Billionaire investor and CEO of Galaxy Investment Partners, which focuses on investments in cryptocurrency, Mike Novogratz, has come out and predicted that the world’s oldest and biggest crypto coin, Bitcoin (BTC), will hit a price tag of $500,000 per coin in the near future. He is one of the remaining crypto enthusiasts that remain bullish on digital assets and blockchain technology amid the crypto winter.

In an interview with Bloomberg on Friday, Novogratz stated that as per his belief, Bitcoin will hit $500,000 but “not in five years,” as according to the billionaire investors, the Federal Reserve chairman Jerome Powell found “his central banking superpowers” which led to an economic disaster for financial markets in 2022.

The unfavorable macroeconmic conditions have led to multiple crypto firms laying off employees and many have even filed for protection from creditors and declared themselves to be bankrupt under Chapter 11. One of them is the 3rd largest crypto exchange by spot trading volume, Kraken, which recently laid off 30% of its workforce which stands at 1,100 employees. The exchange had seen a huge surge in the demand for its services in the past few years and it tripled its headcount in a short period

Bitcoin and other altcoins have seen their prices crash by big numbers recently and as per Novogratz, this is a result of central banks throughout the world raise interest rates to bring down inflation. Another reason for the strong collapse of the crypto industry bringing the total market cap under $1 trillion is the collapse of multi-million dollar crypto exchange FTX and popular crypto lending firms like Voyager Digital and Celsius Network.

Novogratz said in the interview that the collapse of FTX couple with the implosion of crypto hedge fund Three Arrows Capital (3AC) have decreased “the overall confidence in crypto, but that too shall pass.” Another major crypto lender that recently filed for bankruptcy is BlockFi, which earlier stated that the firm is fully liquid and operational.

The billionaire investor and the CEO of Galaxy Digital, a “diversified financial services and investment management innovator in the digital asset, cryptocurrency, and blockchain technology sector,” is also looking to strike acquisition deals amid the bearish market. In the interview, Novogratz stated that his firm is looking to acquire distressed and cheap crypto assets via “some small acquisitions.”

Back in July, in another interview, Novogratz stated that the collapse of Terra along with Celsius Network and 3AC made the whole industry look like “a bunch of idiots.”

“If there’s a lesson learned, [it] was that the industry, plenty of retail investors, really had very, very little concept of risk management.” said Novogratz.

Bitcoin Adoption Remains On A Rise

Although the crypto space is bearish, the adoption of Bitcoin is certainly on a rise. The first country to adoption Bitcoin as legal tender, El Salvador, confirmed that it will purchase 1 BTC per day, taking advantage of low prices. On the other hand, in Lebanon, which is home to roughly 6 million people, locals are now purchasing Bitcoin (BTC) by mining them and also, they are storing wealth using cryptocurrencies and stablecoins like USDT.

Parth Dubey Verified

A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.

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