‘Bitcoin might go the moon,’ Novogratz bullish upto $500K on the top cryptocurrency

TL;DR Breakdown

Since its inception, Bitcoin has stood as the leading coin in the crypto market. Though it increased its value tremendously and helped mainstream the market, it has also suffered setbacks. The current phase of it is the continuation of harsh times that, according to the billionaire crypto investor Michael Novogratz, are caused by rising inflation rates.

Here is a brief overview of how he views the current situation and what he has predicted for Bitcoin.

Bitcoin Price and the Uncertainty

Bitcoin price has seen uncertain phases due to the increased market volatility since the closing quarter of 2021. The result was bumped in its value as it didn’t stay in a stable position; rather, it went through continuous fluctuations. The situation hasn’t seen any change yet as the market continues to go through hard times due to ongoing problems on the global level.

BTC price has lowered to $43K as per the latest data. The recession has continued for a few days, and the result was a decrease in its threshold level. Many investors see this situation as the start of another harsh period for the investors. Michael Novogratz, in contrast, views this situation completely differently. He expressed his views at a conference in Miami.

Novogratz, the billionaire investor’s view of Bitcoin

Michael Novogratz said that ‘Bitcoin will hit the moon.’ He blamed the high inflation rates of the federal reserve for the tightening of Bitcoin. At the ‘Bitcoin 2022’ conference, Novogratz seemed optimistic about BTC’s performance. His views are supported by the actual market performance of the said coin because it has performed much better as the restrains decreased.

According to Novogratz, Jeremy Powell’s policies to increase the federal reserve’s value have affected the whole market. As the inflation rates decrease, the market will cool down, which will lead to improved investments. The cooling-off process would take a bit of time as the market will take time to recover. The popular slogan regarding BTC came there when it was progressing, and now the investors are using it to revive customer trust in it.

The said conference has held the encouragement of cryptocurrency use in daily life. Florida has passed various laws to make the state cryptocurrency-friendly. The interest of this state is evident from the fact that more than 25,000 people attended the conference. According to Novogratz, the price for BTC won’t stop at $100K; rather, it will reach $500K and then eventually reach $1 million.

Novogratz also warned of the possible problems that lie ahead as state authorities might ruin the investments. He cited examples of his Russian friends who were left with nothing after Putin’s ruinous policies. Novogratz believes that Bitcoin is not just important for the daily use of customers; rather, it is replacing other major commodities because of its reserve value.

Conclusion

The change in the value of Bitcoin has led to questioning its credibility, but Michael Novogratz has dispelled all this through his predictions for Bitcoin. He expressed his views at a conference held regarding cryptocurrencies in Miami. He said that it would resume its previous momentum once the federal reserve comes to a pause. The change is expected soon as the market will cool off once the interest rates come to normal. Novogratz also predicted the long-term targets for the said coin, which might be gratifying for the investors.