Mike Novogratz, founder and CEO of Galaxy Digital, predicts a meteoric rise for bitcoin (BTC) can raise the value of the cipher king to levels never seen before.
He mentioned that he expected Bitcoin to do just that up to $500,000 By 2025, Novogratz Says In a new interview with Bloomberg, he said he still believes Bitcoin can reach its massive price target, but also notes that it will take longer than he originally expected as macroeconomic conditions change.
“Not in five years and I’ll tell you why – the biggest change that happened and the reason why Bitcoin dropped from $69,000 to $20,000 is [Federal Reserve Chairman] Jay Powell decided to find his central banking superpowers and start hitting inflation on the head with a series of price increases that drove rates from 0% to 4+%.
It’s pretty much that simple. That’s why all the assets fell, why all the frothy, growth assets that were an “inflation hedge” because we’re in the process of beating inflation over the top…
This is the main reason for the decline of the cryptocurrency.”
With Bitcoin trading at $17,041 at the time of writing, a move towards the Novogratz target indicates an upside potential of 2,834% for BTC.
According to Novogratz, crypto assets will eventually rise once the industry emerges stronger following the damage caused by the collapse of companies such as digital asset lenders BlockFi and Celsius, as well as cryptocurrency hedge fund Three Arrows Capital.
“The rest of this malaria that we had between Three Arrows and BlockFi and Celsius and all these companies that have been poorly managed or fraudulently managed is definitely hurting public confidence in cryptocurrency.
But this too shall pass. They will be scattered in the trash of history. And the industry will show itself, having learned its lessons, getting stronger. And you will see the price go back down.”
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