Galaxy Digital CEO Mike Novogratz said if the Fed’s steps to increase interest rates lessen bitcoin claimed that its price would “go to the moon”.
Novogratz made this prediction at the currently ongoing Miami Bitcoin 2022 conference.
“FED May Raise Interest Rate by Half a Point”
Cryptocurrency His supporter, Novogratz, thinks the Fed will raise the short-term interest rate by half a point at its next meeting. This is in line with market expectations.
The US Federal Reserve recently decided to raise interest rates for the first time since 2018 as part of the fight against inflation.
In the minutes of the FOMC’s March meeting, there were signals that the Fed’s policy of increasing interest rates would continue.
Novogratz believes there will be an economic downturn in the near future that will cause the Fed to step back. The Fed had approved a monthly asset reduction of $95 billion.
Galaxy Digital CEO said in his statement that BTC is seeing more and more institutional adoption and is beginning to be used as a savings tool.
“$1 Million For Bitcoin An Attainable Target”
Novogratz said he is confident that the BTC price will reach $500,000 within five years, and eventually $1 million thereafter.
The famous CEO bases these predictions in favor of the bull on the current adaptation cycle.
BTC price is trading at $43,400 at the time of writing, with 5% depreciation in the last 24 hours, according to Coin Market Cap data. The world’s largest crypto money, which is above $ 45,000, regressed with the news of the FED.
*Not investment advice.