Bitcoin Is Expected To Reach $500,000 By 2027, According To The CEO Of Galaxy Digital

Key Points:

• Mike Novogratz, CEO of Galaxy Digital, revised his Bitcoin price prediction, saying he would be pleased if BTC reached $30,000 by the end of the year.
• However, Novogratz remains bullish on the crypto market, citing rising investor interest and predicting that Bitcoin will reach $500,000 in five years in March 2022.

According to Mike Novogratz, founder and CEO of Galaxy Digital Holdings Ltd, the Bitcoin price could reach $30,000 by the end of this quarter, representing a significant increase over current prices.

Mike Novogratz, CEO of Galaxy Digital, revised his Bitcoin price prediction, saying he would be pleased if BTC reached $30,000 by the end of the year. Novogratz acknowledges that this is a significant decrease from his overly optimistic forecast of $500,000. He blamed the downgrade on a rate hike by US Federal Reserve Chairman Jerome Powell, which hampered Bitcoin’s growth.

Mike Novogratz previously predicted that Bitcoin would reach $500,000 by the end of 2027. Novogratz believes the Fed will not change its stance on interest rate inflation anytime soon. “Jerome Powell is doing exactly what he said in previous statements, and I don’t see the Fed turning around and cutting rates anytime soon,” said Mike Novogratz.

After the US Federal Reserve decided to raise interest rates by 0.25% in early February, Fed Chairman Jerome Powell stated that the process of reducing inflation has begun to show signs of cooling, which has helped to reduce inflation and support the cryptocurrency market bounce strongly. However, he admitted in December 2022 that Bitcoin could no longer reach that milestone, blaming the crypto crisis and the collapse of several exchanges.

Despite severe regulatory pressure in the United States and a strong rally in the US dollar index, the largest cryptocurrency surpassed $24,000 on Wednesday (DXY). Last month, the crypto tycoon described the current cryptocurrency outlook as neither terrible nor great.

Novogratz also noted that Bitcoin and Ethereum prices remained stable in the face of bad news this month, with leveraged traders exiting their positions and creating what he calls a “clean market.” 

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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