Galaxy Digital CEO predicts the bitcoin rate to rise to $500 000 in five years

Mike Novogratz considers the first cryptocurrency to be an “anti-inflation store of value”

20.07.2022 - 10:25

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What’s new? Mike Novogratz, CEO of investment firm Galaxy Digital, believes that the price of bitcoin could rise to $500 000 by 2027. He described the first cryptocurrency as an asset that was created as an “anti-inflation store of value,” noting its growing popularity. As an advantage of BTC over gold, Novogratz singled out the fact that it is much easier to transfer, the Seeking Alpha portal reports.

Seeking Alpha’s material

What else did Novogratz add? Herewith, the head of Galaxy Digital noted that acceptance of bitcoin among institutional investors and financial institutions has not yet reached the necessary level. He added that there are still many organizations in Europe, the Middle East, and the United States that do not use digital assets. Earlier, Novogratz said that one of the conditions for the recovery of the crypto market would be the purchase of bitcoins by international hedge funds in the field of traditional finance.

As of July 20, 10:00 UTC, BTC is trading at $23 612, having gained 7,86% per day, according to Binance.

Mike Novogratz is an American trader and investor and former head of the Goldman Sachs branch in Latin America. After leaving the firm, he founded his own investment company, Galaxy Digital. As of data at the end of 2021, it had $3,42 billion in assets under management.

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