Mike Novogratz, founder and CEO of Galaxy Digital, is still optimistic that the price of Bitcoin (BTC) will reach half a million dollars.
When Novogratz was asked in a recent interview with Bloomberg Crypto Summit whether BTC could reach $500,000 in the first years to come, he replied in the affirmative.
According to Novogratz, there are institutional investors who are now seeing Bitcoin as an “opportunity” amid the downturn in the crypto market.
“While this is a blow to adoption, it’s definitely not a U-turn. We continue to see that institutions that have not yet been involved in Europe, the Middle East and the USA see this as an opportunity.”
Galaxy Digital CEO says real-value assets like Bitcoin are set to “earn” as a store of wealth, due to the continued risk of high inflation.
“At the moment, Bitcoin is not the only asset of real value. Gold, real estate, REITs [gayrimenkul yatırım ortaklıkları]. There are lots of real-value assets to have in your portfolio. But Bitcoin is unique and its adoption is on the rise…
There will be a generation that truly believes in this and convinces their friends, communities and institutions that this is a good way to store wealth. Very unique and only 21 million Bitcoins to be made in total. An asset specifically built to be an anti-inflationary store of value. It can be transferred easily. And that is why it is better than gold in many ways… Gold is only valuable because we say it is valuable.”
In summary, Novogratz, who predicts that the price of Bitcoin will reach $ 500,000 in the next five years, drew attention to the increased adoption and the characteristics of Bitcoin as the reason for this.
“I still believe that Bitcoin will reach $500,000. I think we will see this level in 5 years. What’s happening right now is just bumps in the road.”
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.