Novogratz predicts that Bitcoin’s price will reach $500,000 in 5 years

Crypto advocate Mike Novogratz predicted a growth of Bitcoin’s price to $500,000, but it will take five years due to the Federal Reserve’s rate increases.

In his interview for Bloomberg Television, Novogratz said that it will take longer for Bitcoin’s price to climb to $500,000, as the macroeconomic situation has changed significantly.

According to Novogratz, the decision of the Federal Reserve System to raise the basic rate from 0% to 4% served to knock the price of Bitcoin from $69,000 to $17,000. This caused the crypto market’s winter.

In addition to the above, the founder of Galaxy Digital believes that the crypto sphere should gain in strength, and the rates of the major digital currencies will increase as a result. Despite the bankruptcy of large companies such as BlockFi, FTX and Celsius, the full-blown crisis in the industry will end and the time for growth will come. Moreover, Novogratz considers that the CEO of the bankrupt FTX, Sam Bankman-Fried, is a fraud and should be made accountable.

Novogratz also criticized regulators who, in his opinion, are not making enough efforts to protect retail crypto investors.

Earlier, Novogratz suggested that the price of Bitcoin won’t be able to exceed 30,000 thousand dollars by the end of 2022. According to him, the rate of the first cryptocurrency will be between 20 and 30 thousand dollars.

At the same time, Coinbase’s CEO Brian Armstrong thinks that over the next decade, the crypto market will be able to grow and take a large proportion of global GDP, with the consequence that Bitcoin will become a safe asset for investors by 2030.