Mike Novogratz: Bitcoin will soar to $500,000 in 5 years

Bitcoin has recently resumed its rally, regaining the $22,000 mark, hitting a nearly 1-month high, and market sentiment has also soared. Although the current global economy is still shrouded in the worry of high inflation, and the bear trend is difficult to reverse in the short term, Mike Novogratz, founder and CEO of cryptocurrency bank Galaxy Digital believes that in the long run, Bitcoin is expected to soar to 500,000 in 5 years. Dollar.

At the time of writing, Bitcoin is trading at $23,440, up more than 6% over the past 24 hours and 21.1% over the past seven days. Despite the rebound, it is still down 66% from its all-time high set in November.

Mike Novogratz said at the Bloomberg Cryptocurrency Summit that Bitcoin’s bullish trend is based on adoption and global economic factors, and today’s bad economy is just a bump on the road to actual adoption, not a complete setback. He said, “We’ve been seeing .

In his view, Bitcoin “is a store of value tailored to fight inflation”, “it is easily transferable and in many ways superior to gold”.

Mike Novogratz added that while Bitcoin hasn’t yet had a massive rally, it’s just around the corner. He believes that by 2027, Bitcoin’s price level will exceed $500,000.

According to Mike Novogratz, a debt-driven global economy is fueling high prices and inflation, and Bitcoin could be a unique way to store wealth long-term.

Mike Novogratz said earlier this month that the “deleveraging” process of the cryptocurrency market has reached 90%, and the follow-up downside is limited, but he expects that the market trend will be dominated by sideways until more funds enter the market.