- The CEO of Galaxy Digital — Mike Novogratz, says Bitcoin price will hit $500,000.
- Specifically, he hopes to see this value for Bitcoin in 5 years’ time.
- He says Bitcoin is a good alternative for nations with poor stewardship of the economy.
Galaxy Digital’s CEO — Mike Novogratz, supports the use of Bitcoin. Above all of Bitcoin’s perks, he highlights that it is the likely alternative to people in nations with weak stewardships of the economy.
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That is to say, he believes Bitcoin to be a lifeline for citizens in countries with poor intermediaries of the economy. Overall, he believes the price of Bitcoin will shoot to an extremely high value as more people invest in it.
Hence, Novogratz says the price of Bitcoin will hit $500,000. In detail, he says this will be inevitable as we see an adoption cycle for the asset accelerate. In a manner of speaking, the CEO of Galaxy Digital believes the use of Bitcoin will be a viral phenomenon.
Specifically, Novogratz recalls an incident that took place within the last 10 years. He points to the time when the USA and Europe took Russia’s reserves that were supposed to be Russia’s alone.
To which he draws the lesson that while the Dollar and treasuries are supposed to be risk-free assets, in reality, they are not. Thus, he believes that the world is entering an unknown phase where people are struggling to understand — what is reserve currency?
In addition, he says that the US and its Dollar will not disappear. However, we are seeing the rise of a strong and powerful alternative. Thus, he says we will soon see a “hodgepodge” of assets.
In particular, gold and digital assets will likely pave the way along with cryptocurrencies. He even shines a light on the possibility of the whole world switching to Bitcoin overnight. This is most likely to happen as many may want to hold money that is outside of a sovereign.
Finally, Novogratz says that in five years, the price of Bitcoin should reach $500,000. He admits that if this won’t happen then he is wrong about the adoption cycle. Although, he stands by his belief as Bitcoin has beaten the odds in the past.
Lastly, he compares the adoption of Bitcoin to the adoption of the Internet. He says the adoption of Bitcoin and crypto grew much faster in a single year than the adoption of the Internet in the 90s. Suffice to say, all Bitcoin holders agree with his point of view — Bitcoin price will soar.
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