Billionaire Mike Novogratz says that Bitcoin can still reach $ 500,000 in 5 years

Despite the growth since its inception, the cryptocurrency sector still has many who say nothing, but also do not lack bullish supporters, one of whom is Mike Novogratz, CEO of the crypto investment company Galaxy Digital.

Talking on Bloomberg Crypto SummitNovogratz said that Bitcoin (BTC) will undoubtedly reach $ 500,000 over the next five years or so, due to its unique features and adoption rate, Financial electronic money reported July 19th.

Among these special features of Bitcoin, he listed the fact that it was “tailored to be an anti-inflation store of value”, in addition to being “easily transferable and therefore better than gold in so many ways.”

Furthermore, the billionaire former fund manager also said that the debt-driven global financial system created excessive consumer price inflation and that Bitcoin could function as a unique way to store wealth in the long run.

Unexpected amount of influence

Bloombergs Misyrlena Egkolfopoulou and Sonali Basak reported on July 19 that Novogratz also said the recent turmoil in the crypto market was a “full-fledged credit crunch” and admitted that he made “damn mistakes” about the extent of the system’s influence.

“What I do not think people expected was the extent of losses that would appear in the balance sheets of professional institutions and that caused a series of incidents. (…) There was a full-blown credit crisis with complete liquidation and great damage to confidence in the room. “

It is worth noting that Novogratz was also a major promoter of Terraform Labs, acknowledging that the lesson he learned from the downfall was that industry and retail investors “really had very, very little concept of risk management.”

Novogratz also criticized regulators for not doing as much as they could to protect retail investors and allow institutions to take on a huge amount of influence, adding that his cardiologist lost $ 1 million in the Celsius collapse.