Crypto News

Mike Novogratz has once again reiterated his support for the $500,000 future prediction for bitcoin. The Galaxy Digital CEO who was recently at the Bitcoin 2022 conference held in Miami had spoken in favor of the cryptocurrency once more, highlighting the future potential of the digital asset. Novogratz gave his prediction speaking at the conference but this is not the first time that the billionaire would be making such a prediction.

Pushing Bitcoin To $500,000

Novogratz who put bitcoin at $500,000 in the next half-decade had shared thoughts behind this prediction. One of those had been the economy and the growing inflation rates that have been plaguing it. The Federal Reserve had been working non-stop with increasing interest rates and stuff but the billionaire notes that once the Fed begins to take a pause from all of this, then the digital asset would resume its upward movement.

Related Reading | Bitcoin Trading Volume Continues To Remain At Low Levels

The billionaire expects that not only will the central bank raise interest rates due to the high inflation, but it will also likely raise these interest rates by as high as 50 basis points. However, this cannot continue on forever and the Fed will eventually need to ease up. This is when Novogratz predicts that bitcoin will go “to the moon”. This is what the billionaire expects will push the price of the digital asset as high as his $500,000 prediction.

BTC trading at $43,800 | Source: BTCUSD on TradingView.com

Novogratz did not stop at $500,000 though. The Bitcoin proponent and maximalist also explained that he expects the digital asset to eventually reach as high as $1 million apiece.

Wary Of The Dollar

It seems bitcoin was not the only asset of concern for Novogratz during the Miami conference. He also touched upon the United States dollar as he expressed hope that the currency would continue to be strong instead of continuing to fall. 

Piecing together the relationship between bitcoin and the dollar, the billionaire explained that the dollar going to infinity would mean Bitcoin going to infinity which would overall not be good for the Western world in any way.

Related Reading | Bitcoin Exchange Traded Products Near 1% Of Total BTC Supply

“I go to bed and I pray that the stewards of the U.S. economy don’t screw it up,” said Novogratz. “I really do pray that the dollar is going to be strong and it doesn’t go to infinity because Bitcoin going to infinity means the rest of the Western world has really fallen apart.”

The Galaxy Digital CEO had previously said that he sees bitcoin going to $500,000. He had explained that he saw most cryptocurrencies dying out with time but that more people would want to own the digital asset which would be the major driver behind it hitting this price point.

Featured image from Somag News, chart from TradingView.com