Bitcoin (: ) is still poised to reach $500,000 within the next five years, as the cryptocurrency has unique properties and adoption growth, said Galaxy Digital CEO, Michael Novogratz.
During, Novogratz called bitcoin an asset that was made to be an «anti-inflation store of value,» noting that compared to gold, the cryptocurrency is easily transferable.
He also pointed out that the adoption among institutional investors hasn’t reached its momentum since there are still many institutions in Europe, the Middle East, the US, who haven’t been involved yet.
Grayscale Outlines Timeframe for Crypto Winter as Bitcoin Regains $22,000
In June, the Galaxy Digital CEOthat the majority of cryptocurrency-focused hedge funds will have to go out of business because of the current market downtown. Speaking at the Piper Sandler Global Exchanges & Brokerage Conference in New York, the billionaire pointed out that many hedge funds with exposure to cryptocurrencies will have to restructure as «volume will go down.»