Summary:
- Bitcoin proponent Mike Novogratz reaffirmed his infamous “$500K in 5 years” prediction during the Bloomberg Crypto Summit.
- Novogratz made similar remarks in March, just weeks before the market crashed.
- Bitcoin has dropped below $20,000 since his March comments and rebounded above that level.
- At press time, the top cryptocurrency is in a rally.
- Others crypto pumps may also be in play, as Ethereum allegedly led a wide-based relief in crypto markets.
- ETH’s price surge could be due to news surrounding The Merge, Ethereum’s transition to proof-of-stake.
- Novogratz previously warned that altcoins might dump further and that crypto-hedge funds may go under.
Mike Novogratz, popular Bitcoin proponent and CEO of Galaxy Digital, is the CEO of Galaxy Digital said On Tuesday, Bitcoin said that it is possible for BTC’s market price to reach $500,000 in five years. This was despite the fact that the cryptocurrency markets are flashing green.
Novogratz suggested the timeline for 2027 during the Bloomberg Crypto Summit Today, the event kicked off 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. A push for a $500,000 BTC price could be due to rising U.S. inflation or other macro factors.
As of press time, Bitcoin has risen more than 12% in the last 7 days, and trades for over $22,000 according to CoinMarketCap data. Despite being the most popular coin, Bitcoin is still more than 50% away from its historic high of $68,000.
Ethereum is also showing gains, and has reaffirmed its market leadership ahead of The Merge event. ETH has risen more than 40% in the last week and is now above $1,500.
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. Novogratz had predicted that a $500,000 Bitcoin would be possible by 2025 back in March. His latest price prediction suggests that the current market downturn could lead to an extension to 2027.
Another crypto proponent shared her thoughts on altcoin. She suggested that these tokens could plunge further up to 70% before seeing recovery. Altcoins can be used as an alternative to BTC, such as Ethereum (ETH), Solana(SOL) and Avalanche [AVAX].
Novogratz stated that 66% crypto hedge funds would go out of business in June. Three Arrows Capital, a cryptocurrency hedge fund founded by Su Zhu, Kyle Davies, has filed chapter 11 bankruptcy. It is currently in liquidation.