The former Goldman Sachs banker and avid Bitcoin supporter is convinced Bitcoin will experience a Golden age in the not too distant future.
Mike Novogratz’ investment firm Galaxy Digital is heavily invested in digital assets and the cryptocurrency space more broadly.
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Once the Federal Reserve hits the breaks on its lacklustre monetary tightening policy, bitcoin will resume its march forward, according to Novogratz.
As the economy slows down and the Fed will need to step back and, “bitcoin goes to the moon,” Novogratz said at the Bitcoin 2022 conference in Miami, which kicked off on Wednesday.
The popular catchphrase has become a staple of the industry which is often repeated in online circles, even when prices take a detour to earth.
Regardless, Novogratz is optimistic on Bitcoin’s propensity to absorb large capital flows, especially once regulators get their act together and open the door for Sovereign Wealth Funds to inject trillions of capital into the asset.
In his view, nation state inflows into Bitcoin do not need to be accompanied by turmoil in the West.
“I go to bed and I pray that the stewards of the US economy don’t screw it up,” Novogratz said, adding that he has Russian friends who have gone “bankrupt” recently.
“And so I really do pray that the dollar is going to be strong and it doesn’t go to infinity because bitcoin going to infinity means the rest of the Western world has really fallen apart,” he added, though bitcoin can reach his price targets “with stability in the West.”
Novogratz repeated his prediction that bitcoin will reach a price of $500,000 and eventually even $1 million.
In March, the former banker said in an interview with Bloomberg that bitcoin will be valued at $500,000 per coin in five years.
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