According to billionaire crypto investor Mike Novogratz, bitcoin is still on its way to reach $500,000 in the next five years. He also admitted that he was “wrong” about the extent of leverage in the industry.
Novogratz, Founder and CEO, Galaxy Digital Holdings Limited said, Told Bloomberg said at a summit on July 19 that demand for cryptocurrencies will be driven by higher rates of adoption and global economics.
‘Bump in the Road’
Per his previous prediction in March, the veteran hedge fund manager was asked whether he believed bitcoin (BTC) could still hit $500,000 in the next five years. “I do, I do,” he replied aloud. “While it [current bear market] There is a bump in the way of adoption, it’s certainly not a U-turn. We continue to see institutions in Europe, the Middle East and the US that have not yet joined and see this as an opportunity. Continuing, Novogratz said:“It is not like a two-legged dive right now because institutions are a little more cautious. But once we get the balance, once we get the balance and start a new narrative they will come back. When I look at the global scenario, I don’t see how fiscal prudence is put back in a box. ,According to CoinGecko, bitcoin is up 9% at press time to $23,600, its highest level in five weeks. BTC has fallen sharply since the collapse of the Terra ecosystem in May, coinciding with the decline in the stock market. It is still 66% lower than its all-time high of $69,000 which was achieved in November 2021.