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The billionaire believes that bitcoin will soon enter a new Golden Age. There is no doubt in his mind.
According to reports, Novogratz remarked at the “Bitcoin 2022” conference in Miami, which began on Wednesday, that “bitcoin soars to the moon” as the economy slows and the Fed steps back.
According to Novogratz, whose company Galaxy Digital invests substantially in digital currencies and the crypto world in general, bitcoin will restart its march forward once the Federal Reserve eases its monetary tightening.
“Bitcoin to the Moon”
“Bitcoin to the Moon” is a well-known crypto slogan. When discussing bitcoin’s future possibilities, evangelists and lovers of the popular cryptocurrency love to repeat it. Every bitcoin price increase is generally accompanied by the same words.
conference in Miami Which began on Wednesday with the unveiling of a bull statue honoring the city’s fondness for cryptocurrencies and the digital-assets business. The event was attended by almost 25,000 people.
Novogratz again maintained his prediction that Bitcoin will eventually hit $500,000, and then $1 million. As of 10:34 a.m. Eastern time, the largest digital currency had dropped around 3.3 percent to $44,366.
Is $500,000 possible for Bitcoin?
“It’s only that I’m going to preserve and store some of my wealth there,” he explains. He went on to say that the currency is becoming a part of institutional culture.
Bitcoin has recently moved in a confined range; it has yet to decisively break out over $48,000 and is down this year. Proponents have been disputing which of its narratives is more prominent at the time, including whether it is an inflation hedge or not, and which story will likely persist in the long run.
Although Bitcoin has usually traded in tandem with the tech-heavy Nasdaq 100, Novogratz believes it is in the process of disassociating itself from that link. He claims that the objective of Bitcoin will not be to buy common products such as shoes.
ALSO READ: Here’s Why Former SoftBank’s Chief Executive Has Dedicated 10% of His Holdings To Bitcoin (BTC)
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
