Crypto Billionaire Mike Novogratz Doubles Down On Bitcoin (BTC) Explode To $500,000 Prediction
Galaxy Digital founder and CEO Mike Novogratz remains optimistic that Bitcoin (BTC) will hit half a million dollars.
Asked on Bloomberg if BTC could reach $500,000 in the next first few years, Novogratz replied: “I do, I do.”
According to Novogratz, institutional investors are now seeing Bitcoin as an “opportunity” amid the downturn in the crypto market.
“Although this is a bumpy road in use, it is certainly not a U-turn.
We continue to see institutions in Europe, the Middle East and the US that have not engaged yet see this as an opportunity.”
The Galaxy Digital boss says that due to the risk of high inflation persisting, hard assets such as Bitcoin are set to “win” as stores of wealth.
“My point is that you look longer, how do you get 140% debt to GDP [gross domestic product] and forget what it is in Japan and Europe back to sustainable levels without bankrupting the grandchildren? The only way you do it. There’s only one way is to blow your way out. And so hard assets are going to win.
Now, Bitcoin is not the only difficult resource. Gold, real estate, REITS [real estate investment trusts]. There are many hard assets you should have in your portfolio. But Bitcoin is a unique one and it is about to be adopted…
There will be a generation of people who really believe this who convince their friends and their communities and institutions that this is a good way to store wealth.
It is very unique and is only 21 million Bitcoin that will ever be made. It is tailored to be an anti-inflationary store of value. It is easily transferable. And so it is better than gold in so many ways…
Gold is only valuable because we say it is valuable. It’s the same way that Bitcoin happens and it happens because of the network effect of the community internet, of how fast information goes.”
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Featured image: Shutterstock/Melkor3D
