Billionaire Mike Novogratz Predicts Bitcoin Will Explode Over 2800% – But There’s A Catch
Galaxy Digital founder and CEO Mike Novogratz is predicting a meteoric rise for Bitcoin (BTC) that could push the value of the royal crypto to heights never seen before.
Reminded that he predicted Bitcoin would reach $500,000 by 2025, Novogratz says in a new Bloomberg interview that he still believes BTC can reach its massive price target, but also notes that it would take more time than he originally expected as macroeconomic conditions have changed.
“Not in five years and I’ll tell you why – the biggest change that happened and the reason Bitcoin went from $69,000 down to the $20,000s is [Federal Reserve Chairman] Jay Powell decided to find his central bank superpowers and start beating inflation over the head with a series of rate hikes that have taken interest rates from 0% to 4+%.
It̵[ads1]7;s quite that simple. That’s why all the assets, why all the frothy assets, the growth assets that were “inflation hedges” went down because we’re about to beat inflation…
That is the main reason why crypto went down.”
With Bitcoin trading at $17,041 at the time of writing, a move towards Novogratz’s target suggests a 2.834% upside potential for BTC.
According to Novogratz, crypto assets will eventually rise as the industry emerges stronger from the damage caused by the collapse of firms such as digital asset lenders BlockFi and Celsius, as well as crypto hedge fund Three Arrows Capital.
“The rest of this malarkey that we’ve had between Three Arrows and BlockFi and Celsius and all these companies that were either poorly run or fraudulently run is absolutely hurting the overall confidence in crypto.
But this too shall pass. They will be brushed off in the dustbin of history. And the industry itself will emerge stronger having learned lessons. And you’re going to see the price come back.”
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