Novogratz: Bitcoin Could Hit $500,000 By 2027
Mike Novogratz spoke at the Bloomberg Crypto Summit yesterday and offered thart he still stands by and believes we will see Bitcoin at $500,000 within five years:
Bitcoin and Hard Assets Will Win as Inflation Rises, Novogratz Says and Sees BTC at USD 500K
“There will be a generation of people that really believe in [Bitcoin], and are convincing their friends, and their communities, and their institutions that this is a good way to store wealth.”
He went on to call the number one crypto a “killer made to be an anti-inflation store of value,” saying it is “easily transferable” and “better than gold in so many ways.”
Adoption in practice is “people telling the story [of Bitcoin]” and other people believing in it,” the former investment banker further said, while noting “that’s how gold became gold.”
“Gold is only valuable because we say it’s valuable. It’s the same way with bitcoin […] it’s happening because of the network effect […] I don’t think that goes backwards,” he said.
Asked if he still stands by his earlier USD 500,000 price prediction for bitcoin for the next five years, Novogratz said, “I do, I do.”
“We continue to see institutions in Europe, in the Middle East, in the US, who haven’t gotten involved yet, and who look at this as an opportunity. They’re not diving in with two feet right now, because people working at institutions are a bit more cautious, but once we get balance, once we get equilibrium and start a new narrative, they’ll be back,” the well-known crypto bull said.