Bitcoin to hit $500,000 in 5 years, says billionaire Mike Novogratz. Mike Novogratz sheds light on his bullish views on Bitcoin and the crypto market as a whole.
At the recent Bloomberg Crypto Summit, the CEO of Galazy Investment Partners and billionaire Mike Novograts stated his prediction that Bitcoin could hit $500,000 in the next 5 years despite the current bear market. He also added that there is no massive surge back into Bitcoin just yet, but it is coming.
For Bitcoin to hit prices of $500,000 and above, this would imply that BTC would need to have more than a 620% jump from its November peak of $68.9K.
Novogratz explained that he was so bullish on Bitcoin because of its many features, saying “BTC was tailor-made to be an anti-inflation store of value.” adding that “it is easily transferable and so it’s better than gold in so many ways.“
Current Bear Market
Contradictive to Novogratz’ bullish predictions, the crypto market has been seeing a bearish downtrend for the past few months, with Bitcoin’s prices currently being down more than 66% since its all-time-high price of $68,789 last November.
Despite this, at the time of writing, many cryptocurrencies are currently seeing a strong relief rally, with Bitcoin trading at $23,000, up more than 13% since last week.
Ethereum is also up nearly 42% this week, Solana up 35%, Cardano up 18%, and Polygon up 64%. Mike Novogratz addresses this, claiming that the worst of the crypto market has finally come to an end.