With all the green surrounding Bitcoin on crypto exchange monitors it has found a strong ally again in a Wall Street stalwart.
Billionaire Mike Novogratz is not fazed at the negative sentiment engulfing crypto markets, and he has another prediction: Bitcoin could reach $500,000 within the next five-years.
Although the industry has seen rapid growth, there are still many skeptics. However, it has many hopeful advocates. Novogratz is one of these people.
Novogratz (CEO of cryptocurrency investment firm Galaxy Digital) stated during his speech at Bloomberg Crypto Summit that one BTC would be worth half a billion dollars in five years. The cause of this rise in cryptocurrency usage is cited by the billionaire.
Bitcoin about to Breach $24,000
Bitcoin has surpassed $24K as of the writing. It is currently trading at $23,745, an increase of 24% over the previous seven days. Figures from Coingecko, Wednesday.
Novogratz is not the only prominent crypto advocate. Anthony Scaramucci (founder of SkyBridge Capital), predicted that Bitcoin would reach $500,000 in the next four- to five years.
Cameron Winklevoss and Tyler Winklevoss were the original founders of Gemini, a digital currency exchange. They have said that Bitcoin has yet to be accepted. They predicted that Bitcoin’s price would rise to $500,000 in the near future.
Novogratz says that Bitcoin’s unique characteristics are what make it stand out. He emphasized that Bitcoin was designed to be an anti inflationary store of value.
Bitcoin is better than gold?
He said that the crypto’s transferability is one of the many advantages it has over the precious metal gold.
It relates to global economic system and adoption. He said that while it is an adoption roadblock, this does not mean there is a complete U turn.
Novogratz stated that he continues to see institutions, “that have not yet gotten involved, but who see this opportunity as a major opportunity.”
Wall Street veterans also attacked regulators, saying that they weren’t doing enough to protect investors from the leverage play of institutions. He also said that the worst days of the cryptocurrency market might be over.
Novogratz had predicted that, in June, in order for cryptocurrency markets to recover from the crash, the United States Federal Reserve would have to “lift its foot off of the brake” and that most hedge funds investing in digital currency would fail.