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Galaxy Digital CEO Michael Novogratz I believe The current bear market is a rough patch, and the global economy and cryptocurrency adoption will push Bitcoin to $ 500,000 within five years.
Novogratz commented during an interview with Kitco at the Bloomberg Crypto Summit.
He said:
“This is two stories. It’s about adoption and the world economy. And this is a ridge on the hiring path. It’s certainly not a U-turn.”
Novogratz argued that the current state of the market is upsetting institutional investors. They are hesitant and do not “dive at 2 feet”. However, institutions that are not immediately involved will see the opportunity and infuse it. That should lead to a new surge story.
In an interview with CNBC in June, Novogratz argued that Bitcoin could be near the bottom and a new upward surge could soon come. At that time, Bitcoin was trading for about $ 22,480. At the time of writing this article, Bitcoin is about $ 23,616 left.
Novogratz also mentioned how the current state of global finance behaves as a boost to cryptocurrencies.
He argued that the world economy is deteriorating day by day and is past the point of sustainability from a policy perspective. Novogratz said cryptocurrencies are still a good investment option, despite falling prices, and will be the only option for people in the future.
Novogratz said:
“Looking at world affairs, we don’t know how fiscal prudence is put back in the box. Debt to GDP is over 140%. [That] It rarely ends without debt restructuring and hyperinflation. There was 9% inflation this year. People get very angry when inflation is high. “
In June 2022, Bloomberg News senior commodity strategist Mike McGrone recently said he expects BTC to reach $ 100,000 by 2025.
Like Novogratz, he also believes that an increase in hiring rates combined with a decline in BTC supply will inevitably lead to price spikes. He emphasized the significant increase in adoption rates, saying:
“Based on the market capitalization of all stocks on the planet [] Cryptography is about 1% of that. A few years ago it was 0.01%. A few years ago, it was even less. “
Analyzing the current market at the time, McGlone argued that Bitcoin could continue to fall for some time. However, as soon as you find the bottom, it will increase to $ 100,000 in two years.
Moreover, according to a recent report on user recruitment, the actual adoption of Bitcoin has not yet surged. The report investigated the development of all disruptive technologies and concluded that the current rate is only the first step in adoption. According to the numbers, Bitcoin will enter the exponential growth stage in 2030 and break through 10% adoption.
