Mike Novogratz reiterates forecast that Bitcoin will reach $500,000

Mike Novogratz, founder of Galaxy Digital, in a Bloomberg Television interview, has kept his forecast that Bitcoin would reach $500,000.

In his view, Bitcoin will need more than five years to reach the target due to meaningful changes in macroeconomic conditions. Earlier, Novogratz had forecast such a rise within five years.

“The reason Bitcoin fell from $69,000 to $20,000 is the decision by [Fed Chair] Jerome Powell to unleash the central bank’s newfound power and begin fighting inflation with a series rate hikes from 0% to 4%,” he explained.

For this reason, all assets considered inflation hedges fell in price, added Novogratz.

In early October, the founder of Galaxy Digital said Bitcoin would resume its rise after the Fed refrains from aggressive rate hikes to fight inflation.

Earlier, in December, Novohráts called Sam Bankman-Fried’s statements regarding the FTX collapse ‘nonsense’ and urged accountability.

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