Bitcoin is still trading above $40,000. A long way from where it comes from, also a long way from where it is expected to go. Many prominent figures in the space continue to make their predictions for the leading cryptocurrencies public with quite optimistic forecasts. The latest in this series of predictions is Mike Novogratz, CEO of Galaxy Digital, who has put the digital asset at $500,000.
Bitcoin in five years
In a recent interview with Bloomberg technology, Mike Novogratz shared some interesting thoughts on bitcoin and other cryptocurrencies. It’s no secret that the CEO of Galaxy Digital is a staunch supporter of the digital asset he’s talked about in the past. This is why his predictions for the cryptocurrency do not come as a shock given his previous bullish stance.
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Novogratz told Bloomberg Technology that he expected the digital asset to rise to $500,000 in the coming years. The CEO put it on a shorter time frame, explaining that he expects this to happen within the next five years.
He explained that more people will be turning to the digital asset to get a little bit off the dollar. “The whole world isn’t going to switch to bitcoin overnight, but you’ll see more and more people say, ‘I want some of my money out of state.’”
Most cryptocurrencies will die out
Novogratz also addressed the controversies surrounding bitcoin and the crypto market in general, where people believe it can be used to evade government sanctions. Speaking regarding the current crisis between Russia and Ukraine, he explains that “there is no chance that the Russian government can use cryptocurrencies to get around it.”
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The CEO explains that the regulations governing crypto exchanges that move most cryptocurrencies would not allow this as most require KYC verification to use. Coupled with the fact that bitcoin is a public blockchain makes it an ineffective way to actually use it to evade government sanctions.
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As for the thousands of cryptocurrencies on the market, Novogratz sees the majority going nowhere. He explained that much of this, about 75%, would become extinct as a result of ongoing regulation targeting space.
Galaxy Digital Holdings is the publicly traded company with the fourth largest BTC holdings in the world. The company owns more than 16,400 bitcoins worth more than $670 million.
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