Mike Novogratz: Bitcoin could reach $500,000 in 5 years

Despite any situation in the cryptocurrency market, the CEO of crypto investment company Galaxy Digital Mike Novogratz holds the most optimistic views on the industry.

Speaking at the Bloomberg Crypto Summit, Novogratz said that bitcoin (BTC) will undoubtedly reach $500,000 in the next five years because of its unique features and adoption rate.

Among those features of BTC, he mentioned the fact that it was “made specifically to be an anti-inflationary savings vehicle, easy to transfer, so it’s better than gold in many ways.”

In addition, the billionaire said that the global financial system, based on debt, provokes excessive inflation in consumer prices and in the long run bitcoin can work as a unique way to preserve wealth.

As for the recent turmoil in the cryptocurrency market, Novogratz called it a “full-blown credit crisis” and admitted that he was wrong about the amount of leverage in the system.

In addition, one of the main promoters of Terraform Labs said that he had learned lessons from the collapse of this ecosystem and appreciated the extent of the weak perception of risk management.

In this regard, the top executive criticized regulators for not doing everything they could to protect retail investors and allowing organizations to take on huge amounts of leverage. For example, his heart doctor lost $1 million in the Celsius collapse.

Nevertheless, he believes the worst is over and bitcoin’s position is still strong, especially as central banks struggle with inflation.

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Will Sparrow

Written by Will Sparrow

Programmer. Recently, the main activity is programming smart contracts on Solidity in the Ethereum blockchain. Development of websites using smart contracts as part of their functionality.

Has experience in developing services using Lightning Network technology.

Actively interested in everything related to blockchains and cryptocurrencies.

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