Galaxy Digital CEO Mike Novogratz predicts that Bitcoin (BTC) could increase tenfold in the next five years. While the CEO draws attention to $30,000-50,000 in Bitcoin, he states that $500,000 can be seen in five years. Here are the details…
Mike Novogratz gave his Bitcoin prediction
Galaxy Digital CEO Novogratz said that while Bitcoin could trade at varying levels for the rest of this year, it will hit a six-digit price in five years as adoption of the largest cryptocurrency by market capitalization increases. However, Novogratz stated that we can navigate in the range of 30,000-50,000 dollars throughout the year, and used the following statements:
All year, I think we’ll be in the $30,000 – $50,000 range in Bitcoin. It’s not downside, it’s upside and risky. But I think I’d be wrong in the adoption cycle if after five years Bitcoin doesn’t hit $500,000.
Cryptocurrencies go viral
Also, Galaxy Digital CEO says that the adoption of Bitcoin in 2021 is happening faster than internet technology in the 1990s. He mentions that cryptocurrencies and Bitcoin are going viral everywhere as the adoption cycle accelerates. As we reported on Somanews, Bitcoin and other cryptocurrencies have become very popular by breaking records last year. He states that many funds are transferring Bitcoin to their baskets and uses the following statements:
We are seeing an accelerating adoption cycle. Bitcoin has grown much faster over the past year. Crypto has grown more than the internet did in its heyday in the ’90s. I see Bitcoin going viral everywhere. You know that pension funds in the Middle East or the United States are all ready to join the field.
Novogratz also says that the decision by the US and its allies to freeze the assets of the Russian central bank after the Russian invasion of Ukraine will benefit Bitcoin and other digital assets. Noting that people question what reserve currencies are, he says, “I think we’re entering an unknown world, where people are asking, ‘What is a reserve currency?'” He states that the dollar will not be the only reserve currency, and that complex assets can be seen as reserves. He states that some of them can certainly be viewed as gold and digital assets.