Bitcoin could still reach $500,000 in 5 years, according to this Wall Street veteran
Bitcoin, with all the green surrounding it on crypto exchange monitors, has once again found a strong ally in a Wall Street stalwart.
Unfazed by the recent negativity engulfing the broader crypto market, billionaire Mike Novogratz is back with another prediction: he said Bitcoin could reach $500,000 in the next five years.
Despite its expansion since its inception, the cryptocurrency industry still has a large number of skeptics, but it also has many optimistic advocates. One of those people is Novogratz.
Speaking at the Bloomberg Crypto Summit, Novogratz, CEO of crypto investment firm Galaxy Digital, stated that one BTC will be worth half a million dollars in five years. The billionaire cites the growing use and exceptional properties of the cryptocurrency as the reason.
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Bitcoin about to break $24,000
At the time of writing, Bitcoin is approaching the $24K mark, currently trading at $23,745, up 24% in the past seven days, figures from Coingecko showed on Wednesday.
Other prominent crypto advocates side with Novogratz. Anthony Scaramucci, the founder of the investment company SkyBridge Capital, predicted in January this year that Bitcoin will reach a price of $500,000 in the next four to five years.
Even the founders of Gemini digital currency exchange, Cameron and Tyler Winklevoss, have stated that Bitcoin’s actual acceptance has not even begun. The twins predicted that the price of Bitcoin would reach $500,000 in the future.
Meanwhile, according to Novogratz, Bitcoin is characterized by its unique properties. “Bitcoin was tailored to be an anti-inflationary store of value,” he emphasized as one of its most notable features.
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BTC total market cap at $454 billion on the daily chart | Source: TradingView.com
Bitcoin superior to gold?
In a number of aspects, crypto’s portability makes it superior to the precious metal gold, he continued.
“It’s related to adoption and the global financial system. And while this is an adoption roadblock, it’s not a complete turnaround,” he said during the Bloomberg Crypto Summit.
“We continue to see institutions … that haven’t gotten involved yet, that see this as a big opportunity,” Novogratz said.
The Wall Street veteran also took a swipe at regulators, arguing they weren’t doing enough to protect individual investors from institutional influence games. In his comments, he also mentioned that the worst of the cryptocurrency market may finally be over.
Novogratz predicted in June that for the cryptocurrency market to recover, the US Federal Reserve would have to “take its foot off the brake” and that the majority of hedge funds investing in digital currencies would fail.
Featured image from Muhabarishaji News, chart from TradingView.com
