Mike Novogratz Expects Bitcoin to Hit $500K — Says BTC Is a Great Alternative in Economies With Poor Stewardship
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CEO of Galaxy Digital Mike Novogratz believes Bitcoin is a great alternative and a lifeline to people in countries with poor economic governance. He expects Bitcoin to hit $500K.
Galaxy Digital CEO Mike Novogratz talked about the outlook for bitcoin and the US Dollar in a couple of interviews this week.
“The biggest thing that has happened in the last decade is in Europe and the United States. So Russians, those reserves that you thought were yours are not your reserves,'” he told Bloomberg.
“Gold and digital assets are certainly part of that bucket. It is unlikely that the entire world will flip to bitcoin overnight, but I expect to see more and more people saying, ‘I want to have some of my money outside of the sovereign,’ he explained.
Novogratz noted that “the Russian ruble declined over 90% in the past decade” and “The Turkish lira has declined at the same rate.”
Galaxy Digital’s boss was asked about his bitcoin price prediction.
“Unless Bitcoin is still at $500,000 five years after, I am wrong about the adoption cycle,” he replied.
Novogratz believes that the adoption cycle accelerates; it was faster last year; crypto grew more than the internet in the 1990s.
Additionally, Novogratz spoke on the executive order by Joe Biden on cryptocurrency regulation last week. The Democrats’ politics have shifted even on its side. The anti-crypto sentiment has gone away; According to Novogratz, it is like: “Hold on, there are a lot of crypto voters.”
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