Bitcoin, with all the green surrounding it on crypto exchange monitors, has found a strong ally again in the Wall Street giant.
Billionaire Mike Novogratz, struck by the recent negativity in the broader crypto market, is back with another prediction: he said bitcoin could reach $500,000 in the next five years.
Despite its expansion since its creation, the cryptocurrency industry still has a large number of skeptics, but it also has many optimistic advocates. One of these individuals is Novogratz.
During his speech at the Bloomberg Crypto Summit, Novogratz, CEO of crypto investment firm Galaxy Digital, said that one BTC would be worth half a million dollars in five years. Billionaires cite the increasing use and exceptional features of cryptocurrencies as the reason.
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Bitcoin is about to break $24,000
At the time of this writing, bitcoin is close to the $24K mark, and is currently trading at $23,745, up 24% over the past seven days, Coingecko shows, Wednesday’s data.
Other prominent crypto advocates share the same page as Novogratz. Anthony Scaramucci, the founder of investment firm Skybridge Capital, predicted in January this year that the price of bitcoin would reach $500,000 in the next four to five years.
Even Cameron and Tyler Winklevoss, the founders of the Gemini digital currency exchange, have stated that the actual acceptance of bitcoin has not yet begun. The twins predicted that the price of bitcoin would reach $500,000 in the future.
Meanwhile, according to Novogratz, bitcoin is distinguished by its unique characteristics. He emphasized as one of the most notable features, “Bitcoin was designed to be an anti-inflationary store of value.”
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BTC total market cap at $454 billion on the daily chart | Source: TradingView.com
Is bitcoin better than gold?
In many aspects, the transferability of crypto makes it superior to the precious metal gold, he continued.
“It is related to adoption and the global economic system. And while it is an adoption hurdle, it is not a complete U-turn,” he said during the Bloomberg Crypto Summit.
“We continue to look at institutions … that have not yet joined, which see this as a huge opportunity,” Novogratz said.
The Wall Street veteran also took a dig at regulators, claiming they were not doing enough to protect individual investors from the leverage play of institutions. In his remarks, he also mentioned that the worst of the crypto market may be at an end.
Novogratz predicted in June that for the cryptocurrency market to recover, the United States Federal Reserve would need to “lift its foot off the brake” and that most hedge funds investing in digital currencies would fail.
Featured image from Muhabarishaji News, chart from TradingView.com