Galaxy Digital CEO Forecasts Bitcoin Will Outperform His Previous 2022 Price Predictions -

Mike Novogratz, CEO of Galaxy Digital is revisiting his Bitcoin perspective (BTC) as more individuals are embracing blockchain technology.

Considering the increased interest from the general investing public and constant industry innovation in the Q4 earnings call of Galaxy Digital, Novogratz expects Bitcoin to surpass his previous 2022 price predictions.

He says that although he stated earlier that the year would be a “rangy year” with Bitcoin ranging between $30,000 to $50,000, but now after looking at the adoption cycle and how the market is trading and more people becoming interested in the industry, incredible innovations happening in web3 and the metaverse space, the billionaire says he has become more constructive.” And so it wouldn’t surprise me to see crypto significantly higher by the end of the year,” he adds.

Further, Novogratz says that Russia’s invasion of Ukraine and the sanctions that followed it can play a huge role in reshaping how people view cryptocurrencies moving forward.

Novogratz explains that the war did create inflationary pressures through the commodity cycle, generating risks, risk-off behavior, and anxiety, but at the same time, it also contributes to building the narrative that in turn results in positive outcomes such as accelerating crypto adoption.

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The CEO then explains how the year has proved to be “a year of push-pulling crypto with macro headwinds and adoption tailwinds.” When Russia was denied its reserves by the US and Europe, he got to hear questions that never heard in his investment career such as “If that could happen there, what about China and its $1.4 trillion of treasuries?”

Novogratz points out that this resulted in digital assets getting a “tailwind.” He believes this will not reverse now, “I think we’re in a Balkanized world, and where crypto assets fit in is going to continue to be debated, but it’s going to grow in scope,” he adds.

At last, the investor highlighted Treasury Secretary Janet Yellen’s recent discussion regarding crypto assets during a CNBC interview.

The CEO points out how Secretary Janet Yellen took an optimistic approach towards crypto and says the political scenario in DC is changing. The realization that voters really like this asset class is slowly coming to Democrats who opposed the asset class.

At the time of writing, the Bitcoin price stands at 46,405.16 USD, down 0.64% in the last 24 hours.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing