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Novogratz Says Bitcoin Won’t Rally ‘Aggressively’ as Fed Hikes Rates

  • He has forecast a range of $30,000 to $50,000 this year
  • Galaxy head said he maintains five-year forecast of $500,000
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Novogratz on Bitcoin Adoption, CBDCs and Blockchain Tech

Michael Novogratz, the billionaire cryptocurrency investor who heads Galaxy Digital Holdings Ltd., said Bitcoin is likely to continue to trade in a range this year with the Federal Reserve raising interest rates. 

“I don’t think Bitcoin can rally aggressively until we get a pause,” Novogratz said during a TV interview on Bloomberg Crypto. Novogratz noted that he had earlier forecast a 2022 range of $30,000 of $50,000 for Bitcoin, which was little changed Tuesday at about $39,200 in New York trading.