Billionaire Mike Novogratz Still Believes Bitcoin Will Reach $500,000

The former Goldman Sachs banker is a bitcoin evangelist, who believes the future belongs to the most popular cryptocurrency.

The billionaire is convinced that bitcoin will experience a new Golden Age soon. There is no doubt for him.

Once the Federal Reserve takes a break from its monetary tightening, bitcoin will resume its march forward, according to Novogratz, whose company Galaxy Digital invests heavily in digital currencies and the crypto sphere in general.

As the economy slows down and the Fed steps back, “bitcoin goes to the moon,” Novogratz said at the “Bitcoin 2022” conference in Miami, which kicked off on Wednesday, according to Bloomberg.

"Bitcoin goes to the moon," is a popular crypto catchphrase. Evangelists and fans of the famous cryptocurrency love to repeat it when they discuss bitcoin's future prospects. The same phrase often accompanies every bitcoin price jump.

“I go to bed and I pray that the stewards of the U.S. economy don’t screw it up,” Novogratz said, adding that he has Russian friends who have gone “bankrupt” recently. 

“And so I really do pray that the dollar is going to be strong and it doesn’t go to infinity because bitcoin going to infinity means the rest of the Western world has really fallen apart,” he said, though bitcoin can reach his price targets “with stability in the West.”

Novogratz also repeated his call that bitcoin will eventually reach a price of $500,000 and eventually $1 million.

Last month, the former banker said during a broadcast interview with Bloomberg that bitcoin will be valued at $500,000 per coin in five years. 

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