Popular billionaire investor and CEO of Galaxy Digital Holdings, Mike Novogratz, has made yet another favorable prediction for top asset class Bitcoin (BTC).
According to the Galaxy Digital boss, the price of Bitcoin will surge tremendously once the United States apex bank, Federal Reserve “takes a pause.”
Novogratz said he believes the Fed will raise interest rates by up to 50 points, in its bid to reduce inflation rates.
If this happens, Novogratz said the U.S. economy will slow down, which could prompt the apex bank to step back a little.
“I go to bed and I pray that the stewards of the U.S. economy don’t screw it up […] I pray that the dollar is going to be strong and it doesn’t go to infinity because Bitcoin going to infinity means the rest of the Western world has really fallen apart,” Novogratz said at the Bitcoin 2022 conference, as reported by Bloomberg today.
Novogratz Optimistic About Bitcoin
The cryptocurrency billionaire is optimistic that Bitcoin could surpass its all-time high of $69,044 recorded in November 2021 as long as situations in the West are stable.
Novogratz disclosed that in recent times, Bitcoin has been trading alongside traditional financial instrument Nasdaq 100, adding that the world’s largest cryptocurrency could be in the process of disabusing itself from that union.
While many people are eager for the day Bitcoin will be used in the purchase of everyday items, Novogratz said he believes the cryptocurrency will be a store of value where he would take some of his wealth and “store it there.”
Bitcoin has had its ups and downs since the beginning of the year. Despite the unstable price movement of Bitcoin, Novogratz has always stood behind the cryptocurrency.
Earlier this year, he made a $1 million bet against Bitcoin critic Peter Schiff, saying Bitcoin will trade above $35,000 by the end of the year.