Billionaire Predicts Bitcoin At $500,000 But “Not In Five Years”

Billionaire investor Mike Novogratz predicted that Bitcoin's price will reach $500,000 but not within the next five years.

Mike Novogratz, a billionaire investor, has stated that he still expects Bitcoin (BTC) will be valued at $500,000 per coin in the future but added that due to the Federal Reserve and other central banks boosting interest rates to rein in inflation, the results might be late.

In an interview with Bloomberg, Novogratz predicted that Bitcoin’s price will reach $500,000 but not within the next five years, because of the fact that Federal Reserve head Jerome Powell had recently discovered “his central banking superpowers.”

The global trend of increasing interest rates by central banks to combat inflation has resulted in a precipitous decline in the value of risk assets like bitcoin in recent months.

Losses in the cryptocurrency market have been hastened by the demise of FTX, which is rumored to have invested customers’ money and now owes more than $3 billion to its largest creditors.

In addition to his current role as CEO of Galaxy Digital, Novogratz formerly worked as a hedge fund manager.

Galaxy Digital Is Pro Bitcoin

Galaxy Digital describes itself as “diversified financial services and investment management innovator in the digital asset, cryptocurrency, and blockchain technology sector.” 

The company is apparently looking to make “some small acquisitions” of distressed and cheap cryptocurrency assets.

Galaxy Digital, which was impacted by the collapse of FTX, has cut its holdings on cryptocurrency exchanges and is currently looking more thoroughly at their reserves as a preventative measure.

Third-quarter financial records for the American digital asset showed that the company had exposed around $76.8 million worth of cash and cryptocurrency to the recently bankrupt FTX. Moreover, another report claims that the crypto financial service provider is considering firing 20% of its staff due to the ongoing crypto winter.

Back in September this year, BitGo filed a lawsuit against Galaxy Digital. It was said that it asked the crypto financial service provider for $100 million in damages because it pulled out of the deal suddenly and on purpose before it was finished.