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Mike Novogratz Doubles Down On $500,000 Bitcoin Prediction

Mike Novogratz has as soon as once more reiterated his help for the $500,000 future prediction for bitcoin. The Galaxy Digital CEO who was lately on the Bitcoin 2022 convention held in Miami had spoken in favor of the cryptocurrency as soon as extra, highlighting the long run potential of the digital asset. Novogratz gave his prediction talking on the convention however this is not the primary time that the billionaire can be making such a prediction.

Pushing Bitcoin To $500,000

Novogratz who put bitcoin at $500,000 within the subsequent half-decade had shared ideas behind this prediction. One of these had been the economic system and the rising inflation charges which have been plaguing it. The Federal Reserve had been working continuous with rising rates of interest and stuff however the billionaire notes that when the Fed begins to take a pause from all of this, then the digital asset would resume its upward motion.

Related Reading | Bitcoin Trading Volume Continues To Remain At Low Levels

The billionaire expects that not solely will the central financial institution elevate rates of interest due to the excessive inflation, however it should additionally probably elevate these rates of interest by as excessive as 50 foundation factors. However, this can not proceed on perpetually and the Fed will ultimately want to ease up. This is when Novogratz predicts that bitcoin will go “to the moon”. This is what the billionaire expects will push the worth of the digital asset as excessive as his $500,000 prediction.

Bitcoin price chart from TradingView.com

BTC buying and selling at $43,800 | Source: BTCUSD on TradingView.com

Novogratz didn’t cease at $500,000 although. The Bitcoin proponent and maximalist additionally defined that he expects the digital asset to ultimately attain as excessive as $1 million apiece.

Wary Of The Dollar

It appears bitcoin was not the one asset of concern for Novogratz in the course of the Miami convention. He additionally touched upon the United States greenback as he expressed hope that the forex would proceed to be sturdy as a substitute of continuous to fall. 

Piecing collectively the connection between bitcoin and the greenback, the billionaire defined that the greenback going to infinity would imply Bitcoin going to infinity which might general not be good for the Western world in any means.

Related Reading | Bitcoin Exchange Traded Products Near 1% Of Total BTC Supply

“I go to bed and I pray that the stewards of the U.S. economy don’t screw it up,” mentioned Novogratz. “I really do pray that the dollar is going to be strong and it doesn’t go to infinity because Bitcoin going to infinity means the rest of the Western world has really fallen apart.”

The Galaxy Digital CEO had beforehand mentioned that he sees bitcoin going to $500,000. He had defined that he noticed most cryptocurrencies dying out with time however that extra folks would need to personal the digital asset which might be the foremost driver behind it hitting this value level.

Featured picture from Somag News, chart from TradingView.com

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