It’s yet another billionaire releasing a price prediction on bitcoin. Some billionaires, like Warren Buffet for example, would not even buy all of bitcoin even their price was just $25. This while other billionaires, such as Mike Novogratz – the man with the Terra (LUNA) tattoo – see bitcoin “undoubtedly” going to $500,000 within 5 years.
Bitcoin half a million dollars?
The crypto market has many supporters and opponents, and you can see this not only among the “normal” people, but also among the richest people on earth.
They too cannot agree on the future value of bitcoin. As we just wrote, there are a number of billionaires who believe Bitcoin is worthless, and others – like Mike Novogratz, CEO of crypto investment firm Galaxy Digital – who support that Bitcoin will reach half a million dollars.
Novogratz said at the Bloomberg Crypto Summit that bitcoin would undoubtedly reach $500,000 in the next five years. And the reasons for that are the unique features and adoption rate of the largest digital currency.
The worst of the decline is over
Bitcoin, he said, is “tailor-made to be an anti-inflation store of value“; a well-known argument in favor of bitcoin. In addition, he also talked about the easy portability, another feature of bitcoin. This would make bitcoin, in Novogratz’s eyes, better than gold.
He also told that he thinks the worst is over. [By this he is referring to the large declines that the crypto market has experienced in recent weeks]. Novogratz thinks bitcoin is still strong, especially since central banks are fighting inflation.
Can You Take Him Seriously?
Novogratz is not the first time he makes predictions about the future price of Bitcoin.
Some of them came true, and others did not. It is notable that his predictions often match the price, but not exactly the time.
Indeed, in 2019 he predicted that bitcoin would be at $20,000 within a year and a half. He was proved right in this, but it was 1 month short of his prediction.