Mike Novogratz, the CEO of Galaxy Digital, believes that Bitcoin’s price could exceed his predictions for 2022. He said that during his recent earnings call for the last quarter of 2021. Bitcoin could surpass $50,000 by the end of the year due to different reasons, including a strong demand for the digital currency.
Bitcoin Price Could Surpass $50,000 Says Novogratz
During the call, he stated that due to different reasons, Bitcoin could go higher than $50,000 in 2022. Originally, Novogratz said that Bitcoin could end in 2022 between $30,000 and $50,000 per coin. Now, there are some reasons that pushed Novogratz to think that Bitcoin could move higher in a very short period of time.
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He mentioned that due to the current adoption cycle, he sees a lot of people wanting to get in. Additionally, he mentioned that there is innovation taking place in Web3 and in the metaverse. This could push the price of virtual currencies higher, including Bitcoin.
Novogratz has also talked about the current war in Ukraine where Russia invaded and where civilians are being killed on a daily basis. That’s clearly something that is pushing commodity prices higher, as both Russia and Ukraine are large producers of different commodities.
About this inflationary pressure, he said during the call:
“[The war] creates lots of inflationary pressures through the commodity cycle. It creates lots of risk, risk-off behaviour and anxiety, but it also adds to a narrative in crypto, which is really positive and continues to accelerate adoption.”
Let’s not forget that Bitcoin (BTC) has been made legal tender in El Salvador in 2021, becoming the first country in the world to make Bitcoin legal tender. The war in Ukraine has also pushed for Bitcoin adoption. Ukraine has been accepting donations in different virtual currencies in order to fund its operations.
Later, Novogratz talked about Treasury Secretary Janet Yellen and how she took a more “sanguine” approach toward cryptocurrencies. As he explains, political winds in Washington are currently changing. He mentioned that Democrats realize that voters like this asset class. This is one of the reasons why there could be a clear shift in terms of regulations in the future.
According to data shared by Coingecko, Bitcoin is currently being traded at close to $46,375 per coin. Moreover, the digital currency has a market valuation of $881 billion and the market expanded by 4.2% over the last 7 days.
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