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Novogratz Drops Forecast for Bitcoin to Hit $500,000 In 5 Years

  • Galaxy CEO blames interest-rate hikes by central banks
  • Novogratz predicts Bitcoin will still reach $500,000 some day
Bloomberg business news
Mike Novogratz, the CEO and founder of Galaxy Digital, discusses the FTX collapse, Galaxy’s workforce plans and his forecast for Bitcoin on “BloombergMarkets: The Close.”

Crypto advocate Mike Novogratz dropped his forecast for Bitcoin to climb to $500,000 in five years, citing the Federal Reserve’s interest rate increases. 

It will, but “not in five years,” Novogratz said Thursday during an interview on Bloomberg Television. The biggest change that happened is that Fed Chair Jerome Powell found “his central banking superpowers.”