Billionaire Mike Novogratz Insists Bitcoin Still on Track to Hit $500K in Five Years

2022-7-20 06:52

Bitcoin is still on track to hit $500,000 over the next five years, according to billionaire crypto investor Mike Novogratz. He also admitted he was “wrong” about the extent of the leverage in the industry.

Novogratz, the founder and CEO of Galaxy Digital Holdings Ltd, told Bloomberg at a summit on July 19 that demand for the cryptocurrency would be driven by higher rates of adoption and global economics.

‘Bump in the road’

The veteran hedge fund manager was asked whether he believes bitcoin (BTC) could still get to $500,000 in the next five years, as per his earlier prediction in March.

“I do, I do,” he replied, emphatically. “While this [current bear market] is a bump in the road for adoption, it’s certainly not a U-turn. We continue to see institutions in Europe, the Middle East, and the U.S. who haven’t got involved yet looking at this as an opportunity.”

Continuing, Novogratz said:

“It’s not like diving with two feet right now because institutions are a little bit more cautious. But once we get balance, once we get equilibrium and start a new narrative they’ll come back. When I look at the global landscape, I just don’t see how fiscal prudence gets put back into a box.”

Bitcoin surged 9% to $23,600 at the time of press, its highest level in five weeks, according to CoinGecko. BTC has fallen sharply since the collapse of the Terra ecosystem in May, which coincided with a slump in stock markets. It’s currently still 66% off its all-time high of $69,000 which was achieved in November 2021.

Novogratz says he was wrong about crypto leverage risks

Novogratz said that the macroeconomic environment right now would push bitcoin prices higher, as central banks around the world fight inflation, which reached a 40-year high of 9% last month in the U.S.

“We have a debt to GDP at over 140% that almost never ends without a debt restructuring or hyper-inflation…people get really angry when you’ve high inflation. We are in this really tenuous environment,” he said.

Bitcoin has been sold as a store of value, much like gold, but those credentials have come under scrutiny due to its increasing correlation with equities.

Novogratz admitted that he was wrong about the extent of the leverage in the crypto industry, but said the “worst was over”.

“What I don’t think people expected was the magnitude of losses that would show up in professional institutions’ balance sheets and that caused the daisy chain of events,” he said at the Bloomberg Crypto Summit.

“It turned into a full-fledged credit crisis with complete liquidation and huge damage on confidence in the space.” Novogratz was a huge fan of Terra. He even got a tattoo themed around the blockchain’s native token LUNA.

But the collapse of the $60 billion ecosystem in May led to mass casualties in crypto funds, spreading a dangerous contagion that has now claimed some of the biggest companies in the industry: Celsius Network, Three Arrows Capital, and Voyager Digital.

Novogratz blamed regulators for not doing enough to protect investors and allowing firms to take on a huge amount of leverage, Bloomberg reported.

“I don’t know what the SEC should have done…but they didn’t do a lot to protect the retail investors,” he stated.

The post Billionaire Mike Novogratz Insists Bitcoin Still on Track to Hit $500K in Five Years appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Five Star Coin Pro (FSCP) на Currencies.ru

$ 0.0181116 (+0.00%)
Объем 24H $11.169k
Изменеия 24h: -1.38 %, 7d: -0.59 %
Cегодня L: $0.0181116 - H: $0.0181116
Капитализация $39.608k Rank 99999
Доступно / Всего 2.187m FSCP

track five billionaire hit years still novogratz

track five → Результатов: 33


Bitcoin On Track to Hit $100,000 in Next Five Years: Bloomberg Report

Bitcoin has a history of adding zeroes. At the end of 2017, bitcoin achieved $10,000 for the first time, which was less than a year after BTC hit $1,000 for the first time in January 2017. Before that, in 2011, BTC was around $10 in 2011 and then $100 in the second half of 2013 […] The post Bitcoin On Track to Hit 0,000 in Next Five Years: Bloomberg Report first appeared on BitcoinExchangeGuide.

2020-10-6 15:34


Switzerland’s SIX To Launch Exchange-Traded Product (ETPs) As Alternative To Exchange-Traded Funds

ETPs — Switzerland's Alternative To Exchange-Traded Funds While the entire world is waiting for the US SEC decision regarding Bitcoin ETFs, Switzerland found another solution. The country's financial regulator, FINMA, confirmed that the exchange-traded product will arrive in Switzerland's principal stock exchange tomorrow, on November 21st.

2018-11-20 23:18


Фото:

An Australian Blockchain Experiment: Tracking Global Almond Shipments

Following a successful 2016 trial of blockchain technology in an interbank open account transaction, the Commonwealth Bank of Australia (CBA) has partnered with five international and Australian companies to ship 17 tonnes of almonds from Melbourne, Australia, to Hamburg, Germany, using a new distributed ledger platform built on the Ethereum blockchain.

2018-7-31 23:13


Фото:

17 Tons of Almonds are about to ship to Europe with Blockchain by Commonwealth Bank of Australia

The Commonwealth Bank of Australia (CBA) has announced the completion of a successful trade using its new blockchain platform, according to its July 30 press release. In a collaborative effort involving five domestic and international “supply chain leaders,” the bank used blockchain to track a shipment of 17 tons of almonds from Melbourne to Hamburg,

2018-7-30 16:34