The cryptocurrency market continues to recover, with Bitcoin breaking through $23,000, hitting a new high in mid-June. It seems that the increase in the price of Bitcoin and the main altcoins generated a positive sentiment among enthusiasts and analysts, who are inclined to think that the crypto winter could be showing some light after the fall that we have recently shown weeks.
This appears to be the case for Galaxy Digital CEO Mike Novogratz, who again jumped to the fore and commented that from his perspective, Bitcoin would undoubtedly hit $500,000 in the next five years.
Novogratz stated this during his participation in the Bloomberg Crypto Summit event, where he assured us that the conditions are in place for Bitcoin to reach this milestone, mainly based on the characteristics that make the digital currency unique.
In addition to the above, the billionaire investor also assured that the value of Bitcoin is assured since this would be a consequence of the current conditions of the global financial system, which would be fueling an increase in inflation rates in a large number of nations, something that ends up directly affecting the consumer who is the most affected.
Although Novogratz’s perspective regarding the price of Bitcoin is somewhat ambitious, the investor is not unaware of the recent market, which he described as a full-fledged credit crisis and added:
“What I don’t think people expected was the magnitude of the losses that would show up on balance sheets of professional institutions and what caused the chain of events. It turned into a full-fledged credit crisis with a total liquidation of great damage to confidence in the space”.
As such, Novogratz is among the enthusiasts and investors who argue that Bitcoin could significantly appreciate Bitcoin in the coming years.