Summary:
- Bitcoin proponent Mike Novogratz reaffirmed his infamous “$500K in 5 years” prediction during the Bloomberg Crypto Summit.
- Novogratz made similar remarks back in March a few weeks before the markets tanked.
- Since his March comments, Bitcoin has fallen below $20,000 and bounced back above the same level.
- The leading cryptocurrency is in a rally of sorts at press time.
- Other crypto pumps are also in play as Ethereum supposedly led a broad-based relief in the crypto market.
- ETH’s price surge could be due to news surrounding The Merge, Ethereum’s transition to proof-of-stake.
- Novogratz also previously warned that altcoins could dump further and that crypto hedge funds might go under.
Galaxy Digital CEO and popular Bitcoin proponent Mike Novogratz said on Tuesday that it remains possible for BTC to hit a $500,000 market price in the next five years as the cryptocurrency markets flash green.
Novogratz opined the 2027 timeline during the Bloomberg Crypto Summit which kicked off today in New York.
The remarks come during a relief rally in the broader cryptocurrency market, supposedly triggered by Ethereum’s upcoming transition to proof-of-stake. ETH’s upgrade is known throughout the crypto space as “The Merge”.
Also, Mike Novogratz’s latest price prediction mentions 2027, two years further than previously predicted. Rising U.S. inflation and other macro factors could be behind a push in the timeline for a $500,000 BTC market price.
At press time, Bitcoin is up over 12% in the last seven 7 days and trades hands above $22,000, per data from CoinMarketCap. Although the leading coin is currently green, BTC is still over 50% away from its all-time high of $68,000.
Ethereum is also in gains and reaffirmed its position as a market leader ahead of The Merge event. ETH is over 40% up in the past week and is above $1,500 at press time.
Mike Novogratz On Bitcoin, Altcoins, And Crypto Hedge Funds
Novogratz’s BTC comments during today’s event echoed previous rhetoric from the Galaxy Digital chief. Back in March, Novogratz said a $500,000 Bitcoin could happen by 2025. The current market downturn could be behind an extension to 2027 in his latest price prediction.
The crypto proponent also previously shared thoughts on altcoin and surmised that such tokens could dump further as much as 70% before seeing recovery. Altcoins are alternative crypto tokens to BTC such as Ethereum (ETH), Solana (SOL), and Avalanche (AVAX).
66% of crypto hedge funds will go out of business said Novogratz in June. At press time, Three Arrows Capital, a crypto hedge fund co-founded by Su Zhu and Kyle Davies has filed for chapter 11 bankruptcy and is currently facing liquidation.