- Billionaire Mike Novogratz says that Bitcoin may still hit $500,000 in the next 5 years.
- Mike Novogratz claims that BTC has unique characteristics.
- One of the key standout features he highlighted was that “BTC was tailor-made to be a store of value against inflation.”
- Mike Novogratz stated that the worst of the crypto market is finally over.
Wall Street veteran and billionaire Mike Novogratz is back with another prediction, stating that Bitcoin could hit $500,000 in the next five years.
Even with the growing adoption of cryptocurrencies, there is always a cult that does not believe in cryptocurrencies and their underlying technology. Mike Novogratz seems to have a different opinion about cryptocurrencies, even when the market is not so favorable.
Billionaire Mike Novogratz says #Bitcoin may still reach $500,000 in the next 5 years.
Novogratz, who was speaking at the Bloomberg Crypto Summit, threw out his thoughts on bitcoin. He predicted that Bitcoin would hit $500,000 in the next five years. The reason cited by Novogratz is increased adoption and outstanding properties. Furthermore, he stated that BTC has unique characteristics.
One of the key standout features he highlighted was that “BTC was tailor-made to be a store of value against inflation.” The ability to transfer easily makes it better than gold in many different ways, he added.
Former macro investor Novogratz himself stated that the global financial system that is fueled by debt is attracting skyrocketing inflation and that Bitcoin could act “as a hedge to combat inflation and act as a store of value”.
Novogratz declared last month that the economy is headed for a really fast recession. The United States reported high inflation of 9.1%, the highest ever recorded in the last 40 years. Although he commented that Bitcoin is an inflation-fighting asset, BTC is down 65% from its all-time high of $69,000.
Novogratz did not spare regulators, as he claimed they were not doing enough to protect retail investors as institutions were playing with leverage.
During his statement, he also addressed that the worst of the crypto market is finally over.
