Mike Novogratz, CEO of Galaxy Digital, says bitcoin is a great alternative and a lifeline for people in countries with poor economics. He expects the price of the cryptocurrency to reach $ 500,000. “We see an adoption cycle accelerating … going viral everywhere,” he said.
Bitcoin is a “great alternative” in some economies
Galaxy Digital CEO Mike Novogratz talked about the outlook for bitcoin and the US dollar in a couple of interviews this week.
“The biggest thing that has happened over the past 10 years in many ways, perhaps longer, is when Europe and the US said, ‘Hey Russia, those reservations you thought were yours, aren’t really your reservations. ‘, “he told Bloomberg on Tuesday.
Elaborating what he meant, the Galaxy Digital executive detailed:
It means that the dollar or treasuries as a risk-free asset are not that risk-free. It’s not risk-free if you’re Russian and maybe if you’re Chinese, it might not even be risk-free.
“So I think we are entering an unknown world where people will struggle to figure out what the reserve currency is,” he said.
“The United States is not going away. The dollar is not going away. But it won’t be the only place. So I think you’ll see this hodgepodge of resources, “Novogratz described.
“Gold and, of course, digital assets will be part of that bucket. The whole world won’t switch to bitcoin overnight, but you’ll see more and more people saying, ‘I want to have some of my money out of the box. sovereign ‘”, he explained.
Noting that “the Russian ruble has depreciated by more than 90% in the past 10 years” and “the Turkish lira has done the same,” Novogratz said:
Bitcoin is a lifeline for people in countries with very poor economic management.
Likewise, he told CNBC on Thursday: “When there is poor management of economies … bitcoin offers a great alternative.”
While admitting that “our administration was not great,” the executive stressed: “If you were in Russia, you would feel rather stupid having all your money in rubles. Or if you were in Turkey, you would feel rather stupid having all your money in Turkish Lira.
Bitcoin could reach $ 500,000
The Galaxy Digital boss was asked about his bitcoin price prediction. He replied:
Five years later, if bitcoin isn’t at $ 500,000, then I’m wrong about the adoption cycle.
“We see an adoption cycle accelerating. Bitcoin grew much faster last year, cryptocurrencies grew, than the internet did in its best years in the 1990s. I see this going viral everywhere, “she shared.
Novogratz also commented on the cryptocurrency regulation executive order signed by President Joe Biden last week. He observed: “Politics has also changed on the democratic side. It’s no longer anti-crypto, it’s like: ‘Wait, there are a lot of crypto voters.’ “
What do you think of Mike Novogratz’s comments? Let us know in the comments section below.
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