Galaxy Digital CEO called the key condition for bitcoin’s growth
According to the billionaire, this will be facilitated by the US Fed’s policy easing
08.04.2022 - 10:00
255
1 min
0
What’s new? The price of bitcoin could rise significantly if the US Federal Reserve System (Fed) relaxes its policy on regulating the cryptocurrency industry. This opinion was expressed by the founder of asset management company Galaxy Digital, Mike Novogratz, during a speech at the Bitcoin 2022 conference.
What arguments did Novogratz give? According to the billionaire, the US central bank will raise interest rates by 50 basis points soon and pursue an aggressive policy. However, as the economy slows down, the Fed will be forced to take a pause. After that, the price of bitcoin can reach $500 000 and subsequently come to $1 million per coin, Novogratz believes. However, for this to happen, there would have to be economic stability in the United States. The main value of bitcoin will be as a means to preserve value.
What had happened before? The analysts at US investment firm VanEck believe that bitcoin’s potential price could be between $1,3 million and $4,8 million if it becomes a global reserve asset. The experts came to this conclusion based on the global M0 and M2 money supplies.
Useful material?
Market
Tether Finance division will be responsible for the issuance and redemption of USDT stablecoins
Apr 18, 2024
Trends
The first project introduced on the platform will be BounceBit (BB)
Apr 18, 2024
Business
The rate exchange of the native ACH token reacted with a 10% increase
Apr 18, 2024
Market
Miners are hunting for the first block after halving as the value of the first satoshi could exceed $1 million
Apr 18, 2024
Market
The platform will be non-custodial and accessible to everyone
Apr 15, 2024
Market
China Asset Management, Harvest Global Investments, and Bosera Asset Management have received permits
Apr 15, 2024