Friday, June 14, 2024

Mike Novogratz: I'm Adjusting My Bitcoin Price Prediction

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Mike Novogratz: I’m Adjusting My Bitcoin Price Prediction

As Bitcoin currently trades at $45,800, Mike Novogratz, CEO of Galaxy Digital, is making adjustments to his previous bitcoin price prediction. In an interview with Bloomberg Technology back in Mid March, Novogratz made a bold prediction that Bitcoin will reach $500k in the long term, but in the short term, he thought Bitcoin would stay around the $30 to $50k range. When Novogratz made that prediction, Bitcoin was trading at $38,947.65. Bitcoin has since surged 16% and now Novogratz is adjusting his prediction.

In his Q4 earnings call, the billionaire stated;

“I had said originally, I thought this would be a rangy year, $30,000 to $50,000 in Bitcoin and whatnot.

But given the adoption cycle I’m seeing and given the way markets trade and how I just see new people wanting to get in, the innovation we’re seeing in Web3 and in the metaverse space, I’ve gotten more constructive than I was at the beginning of the year.

And so it wouldn’t surprise me to see crypto significantly higher by the end of the year.”

Novogratz’s statement comes as there is an increasing interest in cryptocurrency, specifically Bitcoin. Different geopolitical turmoil events across the globe, such as the Trucker Convoy in Canada and the Conflict in Ukraine, showcased the importance of having a decentralized asset and being able to transact without government interference.

In regards to the Ukrain situation, Novogratz mentioned how the conflict will reorient people’s perspective on cryptocurrency, thus leading to more adoption and a higher price.
Galaxy Digital Holdings Ltd. (BRPHF) CEO Mike Novogratz On Q4 2021 Results – Earnings Call Transcript

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