In a recent appearance on Bloomberg TV, Galaxy Digital CEO Mike Novogratz declared that Bitcoin price, the most valuable cryptocurrency by market value, could no longer reach the $500,000 threshold.
Galaxy Digital CEO Mike Novogratz
Will Bitcoin Price Hit $500,000 in Five Years? Mike Novogratz Backtracks on His Prediction
The leading cryptocurrency’s price would be able to reach the amount above within five years, according to the cryptocurrency tycoon’s March forecast. At the time, Novogratz declared that if the incredibly bullish prediction failed, he would be mistaken about the adoption cycle. Even after Terra’s collapse, Galaxy Digital’s head doubled down on the $500,000 projection in July.
However, the FTX exchange collapse in early November made the cryptocurrency crisis far worse, and Bitcoin’s price fell to its lowest point in two years. After a little comeback, the leading cryptocurrency is trading just above the $17,000 mark. In a recent interview with CNBC, Novogratz called former FTX CEO Sam Bankman-Fried “delusional” and said that the disgraced crypto guru needed to serve time in prison.
Novogratz doubled down on criticism during his conversation with Bloomberg, accusing Bankman-Fried and his team of committing fraud. “He needs to get prosecuted; the authorities need to dig in and figure out exactly what happened,” he said.