Mike Novogratz Predicts Bitcoin to Hit $500,000

Galaxy Digital CEO is confident bitcoin will reach $500,000 within five years.

Galaxy Digital CEO Mike Novogratz still believes bitcoin will hit $500,000 in the next five years.

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Mike believes that demand for the cryptocurrency would be driven by higher rates of adoption and global economics.

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Novogratz believes that while the current market is a bump in a road for adoption, it is definitely not a U-turn.

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Galaxy Digital founder said that the current macroeconomic environment would push bitcoin prices higher, as central banks around the world fight inflation.

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Novogratz admitted that he was wrong about the extent of the leverage in the crypto industry, but said the “worst was over.”

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The LUNA fan said,“It turned into a full-fledged credit crisis with complete liquidation and huge damage to confidence in the space.”

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Novogratz also blamed regulators for not doing enough to protect investors and allowing firms to take on a huge amount of leverage.

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