Galaxy Digital founder and CEO Mike Novogratz predicts a meteoric rise for Bitcoin (BTC) that could propel the value of the king crypto to unprecedented heights.
Recalling that he predicted Bitcoin would hit $500,000 by 2025, Novogratz says in a new Bloomberg interview that he still believes BTC could reach its massive price target, but also notes that it would take longer than it originally expected as macroeconomic conditions have changed.
“Not in five years and I’ll tell you why – the biggest change that’s happened and why bitcoin fell from $69,000 to $20,000 is [Federal Reserve Chairman] Jay Powell decided to find his central bank superpowers and thrash inflation with a series of rate hikes that have taken rates from 0% to over 4%.
It’s that simple. That’s why all assets, why all foamy assets, growth assets that were “inflation hedges” went down because we’re about to blow inflation over the head…
This is the main reason crypto went under.”
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 recover once the industry emerges from the damage caused by the collapse of companies like digital asset lenders BlockFi and Celsius and 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 badly run or fraudulently is certainly hurting public confidence in crypto.
But this too shall pass. They will be swept into the dustbin of history. And the industry itself will emerge stronger, having learned its lessons. And you will see the price go down again.”
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