Mike Novogratz, the high-profile crypto advocate, is confident of the chances of Bitcoin returning to $30,000. The Galaxy Digital CEO and founder were speaking at a conference this Wednesday at Bank of America Corporation. But it remains a far cry from his earlier prediction of $500,000 for the leading digital currency, though it remains 25% more than its present price.
The Galaxy Digital CEO said that looking at the price action, the FOMO build-up (Fear Of Missing Out), and the excitement visible in customers, he would not be surprised if the price of Bitcoin touched $30,000 by this quarter. And that is something that he fervently wished were true even 6 weeks ago. The Galaxy Digital CEO further said that he would be glad if the Bitcoin price rose to $30,000 by the end of 2023.
Galaxy Digital CEO Has Toned Down His Earlier Prediction Of $500,000
65% of Bitcoin’s peak value was wiped out in 2022 as it ended at a measly $16,500. It has crawled up to around 50% in a year and reached $24,792. But it remains way below its peak price when it reached $69,000 in the last quarter of 2021.
At a Miami Bitcoin conference in April 2022, the Galaxy Digital CEO reiterated his belief that BTC would cross $500,000. Novogratz added that he also held that it would sooner or later cross the million-dollar mark.
On Wednesday, Novogratz reiterated his $500,000 prediction, saying that it would come to fruition. But he added that it would only happen after at least five years. He also blamed Federal Reserve Chairman Jerome Powell’s decision to raise interest rates.
The Galaxy Digital CEO says the only thing that is preventing another bull run is the decision of Chairman Powell to keep raising interest rates. Other CEOs, including ARK Investment Management, said that there was every chance Bitcoin would surpass $1M by 2030.