Galaxy Digital Founder and CEO Mike Novogratz predicts a meteoric rise for Bitcoin (BTC) that could push the value of the crypto king to heights never seen before.
Recalled that he predicted that Bitcoin reach $500,000 by 2025, Novogratz said in a new interview with Bloomberg, he still thinks BTC could hit his massive price target, but also notes that it would take longer than he originally expected as macro conditions have changed.
“Not in five years and I’ll tell you why – the biggest change that’s happened and the reason Bitcoin went from $69,000 to $20,000 is [Federal Reserve Chairman] Jay Powell decided to find his central bank superpowers and start bashing inflation with a series of rate hikes that took rates from 0% to 4+%.
It’s about as simple as that. That’s why all the assets, why all the bubbly assets, the growth assets that were “inflation hedges” went down because we’re beating inflation over the head…
This is the main reason why the crypto fell.
With Bitcoin trading at $17,041 at the time of writing, a move towards the Novogratz target suggests 2,834% upside potential for BTC.
According to Novogratz, crypto assets will eventually rally once the industry emerges stronger after the damage caused by the collapse of companies such as digital asset lenders BlockFi and Celsius, as well as crypto hedge fund Three Arrows. Capital.
“The rest of this malarkey that we had between Three Arrows and BlockFi and Celsius and all of these companies that were either mismanaged or fraudulent is certainly hurting overall trust in crypto.
But that too will pass. They will be swept into the dustbin of history. And the industry itself will emerge, having learned lessons, stronger. And you will see that the price goes down.
Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any loss you may incur is your responsibility. The Daily Hodl does not recommend the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment adviser. Please note that The Daily Hodl engages in affiliate marketing.
Featured Image: Shutterstock/Sensvector/EB Adventure Photography