Crypto Advocate Novogratz Withdraws His Prediction on Bitcoin

• The CEO of Galaxy blames central banks for raising interest rates.
• Mike Novogratz believes still Bitcoin will eventually hit $500,000.

Billionaire Mike Novogratz, one of the cryptocurrency advocates, is now included in the catastrophic collapse scenario. Novogratz pulled off his previous prediction that Bitcoin (BTC) will reach $500,000 in five years, blaming the Federal Reserve interest rate hike.

The Galaxy Digitals CEO stated that Bitcoin will reach the $500K level, but “not in five years,” as per a Bloomberg report. Also, Novogratz said the demise of FTX, allied with the failure of the crypto lender Celsius Network and the hedge fund Three Arrows Capital, is definitely harming the overall confidence in crypto, but that too shall pass. In addition, Mike Novogratz claimed that, due to the Fed hiking rates to control inflation, Bitcoin has declined this year, similar to other altcoins. 

However, this year, the price of bitcoin has decreased by more than 75%, reaching about a $15,000 price level. This recent decline in the cryptocurrency market was accelerated by the fallout from the FTX exchange’s bankruptcy last month.