Crypto proponent Michael Novogratz has made an ambitious prediction regarding the world’s leading digital currency by market cap, Bitcoin. Novogratz said cryptos will soon go viral like the internet and the price of Bitcoin could hit $500,000 much sooner than the world expects.
- Former hedge fund manager Mike Novogratz has said that the market price for a single Bitcoin token could climb as high as $500,000 by the year 2025.
- Novogratz commented on the BTC growth expectations in an interview with Bloomberg on Tuesday. During the interview, the Galaxy Digital founder said:
“Five years out. If Bitcoin’s not at 500,000 I am wrong on the adoption cycle. We see an adoption cycle that accelerates.”
- The billionaire crypto investor has previously opined that the burgeoning crypto industry has continued to garner attention and demand from mainstream financial institutions like asset management companies and venture capitalist firms.
- Novogratz has also compared gold and BTC, dubbing the latter a better store of value and a safe haven asset for investors.
- Anthony Scaramucci recently echoed Novogratz’s comments and expects that over 1 billion wallets will hold Bitcoin by the end of 2025.
- The Skybridge Capital founder also surmised that the emergence of cryptocurrencies is similar to the growth of the internet back in the 90s and early 2000s.
The crypto market has seen increased investor demand in recent years with mainstream companies like Michael Saylor’s MicroStrategy and Elon Musk’s Telsa adding Bitcoin to their balance sheets. Also, the total crypto market cap crossed $3 trillion back in 2021, per data from CoinGecko.