Saying Bitcoin Will Be $500,000 in Five Years, Novogratz Takes a Step Back: “Unfortunately…”

Galaxy Digital CEO Mike Novogratz, in a recent program on Bloomberg TV, announced that the largest cryptocurrency with a unit of bitcoin He said it was no longer possible to reach the $500,000 level in five years.

Galaxy Digital CEO Novogratz, who is frequently on the agenda with his comments on cryptocurrencies, claimed that Bitcoin could reach $ 500,000 in five years in his statement in March.

“$500,000 Can Be Reached In Bitcoin But Not In Five Years”

However, in an interview with Bloomberg, Novogratz said he thinks “$500,000 will be seen, but not in five years.”

Novogratz, CEO of Galaxy Digital, said that Bitcoin, like most risky assets, has been down this year as the Fed raised interest rates to contain inflation.

Bitcoin has slumped more than 60% this year to around $17,000. The shock caused by the bankruptcy of the FTX exchange last month caused the losses in the cryptocurrency market to accelerate.

“With the collapse of FTX, the collapse of hedge fund Three Arrows Capital and credit institutions Celsius Network and BlockFi, overall confidence in crypto has certainly suffered, but that too will pass,” Novogratz said.

Novogratz said that Galaxy Digital is considering acquiring potentially distressed and cheap crypto assets through “some small acquisitions.” He said that Galaxy also reduced its balances on crypto exchanges as a precaution, and after some of its assets were stuck on the FTX exchange, the exchanges began to take a closer look at their reserves.

*Not investment advice.