By
Steve Muchoki
April 19th, 2024
Novogratz remains bullish in his stance on Bitcoin. He reiterated his earlier claims that Bitcoin will reach $500,000 in 5 years, and then go up to $1 million.
Galaxy Digital CEO Mike Novogratz has predicted that Bitcoin will go to the moon according to Bloomberg. He made this note while speaking at the Bitcoin 2022 conference in Miami. The conference, which kicked off on Wednesday, is an expression of Miami’s partiality towards the digital assets economy.
Novogratz believes the price of Bitcoin will skyrocket when the Federal Reserve announces a policy reversal later. Recall that the Federal Reserve announced it was raising interest rates in a bid to minimize inflation. The apex bank raised interest rates by 25 basis points, just as the Bank of England did.
While this is in line with market expectations, there’s more still to come. The Federal Reserve plans to continue to raise the rates throughout 2022 in its most hawkish stance since 1994. According to the head of the Federal Reserve, Jerome Powell, the apex bank will adapt its policies to the changing economic situation.
Novogratz believes the apex bank will still raise its rate by 50 basis points before the economy balances. Afterward, he believes the Federal Reserve will dial back on its policies and this will propel Bitcoin to the moon.
Bitcoin Will Still Reach $1 Million Mark, Says Mike Novogratz
Novogratz remains bullish in his stance on Bitcoin. He reiterated his earlier claims that Bitcoin will reach $500,000 in 5 years, and then go up to $1 million. This is despite the narrow range within which Bitcoin has traded in recent times.
Novogratz’s bullish prediction is based on the current cycle of Bitcoin adoption. He pointed out that more institutions were accepting the asset as part of their portfolio. Consequently, Novogratz expects a further breakout.
Bitcoin’s movement has been at par with that of the Nasdaq 100 in recent times. Again, Novogratz noted this will not continue for long. He claimed that Bitcoin won’t become a thing for making everyday purchases. Rather, Novogratz believes it to be a store of value and plans to store some of his wealth using the assets.
At the time of writing, Bitcoin was trading at $43,535 according to CoinMarketCap. The asset had dipped by over 4% in the last 24 hours.