Mike Novogratz Doubles Down On $500,000 Bitcoin Prediction

Mike Novogratz reiterated his support for the $500,000 Bitcoin future prediction. The CEO of Galaxy Digital who was recently at the Bitcoin 2022 conference held in Miami once again spoke in favor of the cryptocurrency, highlighting the future potential of the digital asset. Novogratz made his predictions while speaking at the conference, but this isn’t the first time a billionaire has made such a prediction.

Push Bitcoin to $500,000

Novogratz, who put bitcoin at $500,000 over the next half-decade, shared the ideas behind the prediction. One of these factors was the economy and the rising inflation rates that plagued it. The Fed has been working nonstop with interest rates and things going up, but the billionaire notes that once the Fed starts pausing all of this, digital assets will resume their upward movement.

Related reading | Bitcoin trading volume continues to stay at low levels

Billionair expect That the central bank will not only raise interest rates due to high inflation, but is also likely to raise these interest rates by up to 50 basis points. However, this cannot go on forever and the Fed will eventually need to loosen up. This is when Novogratz predicted that Bitcoin would go “to the moon.” This is what the billionaire expects will raise the price of the digital asset to a level that will reach his $500,000 forecast.

Bitcoin price chart from TradingView.com

BTC trading at $43,800 | Source: BTCUSD on TradingView.com

But Novogratz did not stop at 500 thousand dollars. The Bitcoin supporter and fanatic has also made it clear that he expects the digital asset to eventually reach $1 million apiece.

beware the dollar

It appears that Bitcoin wasn’t the only asset Novogratz was worried about during the Miami conference. He also touched on the US dollar as he hoped the currency would remain strong rather than continue declining.

Breaking the relationship between bitcoin and the dollar together, the billionaire explained that if the dollar goes to infinity, it will mean that bitcoin will go to infinity, which in no way will be good for the western world.

Related reading | Products Traded on Bitcoin Exchange Close to 1% of Total BTC Supply

“I go to bed and pray that the hosts of the American economy don’t screw it up,” Novogratz said. “I really pray that the dollar will be strong and not go to infinity because bitcoin going to infinity means that the rest of the western world has really collapsed.”

He was the former CEO of Galaxy Digital He said He sees Bitcoin going to $500,000. He made it clear that he has seen most cryptocurrencies fade over time, but that more people will want to own the digital asset that will be the main driver behind it reaching this price point.

Featured image from Somag News, chart from TradingView.com

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