Indeed, Mike Novogratz, the CEO of cryptocurrency investment firm Galaxy Digital, said he was content with the price of Bitcoin (BTC) ending the year in a zone between $20,000 and $30,000, as he opined in an interview with Bloomberg’s Sonali Basak published on August 8. Asked specifically about the price targets for the end of the year when it comes to Bitcoin, Novogratz stressed that:
The Fed connection
Furthermore, the former hedge fund manager explained the connection between the token and the activities of the United States Federal Reserve (Fed): With this in mind, he added that:
Novogratz’s earlier Bitcoin predictions
Interestingly, Novogratz stated in mid-July that Bitcoin would undoubtedly reach $500,000 in the next five years or so, thanks to its adoption pace and unique features such as being “tailor-made to being an anti-inflation store of value” and “easily transferable.” Earlier, in mid-June, Novogratz had said that, in order for the crypto market to recover and Bitcoin to “trade well” by the fourth quarter, the Fed would need to “take its foot off the brake” and back down, as Finbold reported. As things stand, Bitcoin is currently trading at $23,810, which is a 1.36% loss on the day, but nevertheless a gain of 4.31% across the previous seven days, according to CoinMarketCap data. Featured image via Bloomberg’s YouTube (screenshot). Watch the full interview below:
