Michael Novogratz, CEO and founder of Galaxy Digital, estimated that Bitcoin (BTC) will reach $500,000 in the next five years. He also predicted that Bitcoin will trade between $30,000 and $50,000 this year. Since the beginning of 2022, the cryptocurrency market has come to a halt and has begun to move downward.

BTC/USD trades above $40k. Governments all around the world have been pushed to include crypto in their future policies due to current geopolitical crises. ‘You know five years out, if bitcoin isn’t at $500,000, I’m wrong on the adoption cycle,’ Michael Novogratz remarked.

Novogratz believes that Bitcoin, the world’s largest cryptocurrency, grew far quicker than the internet did in the 1990s last year. He cited the explosive expansion of altcoins, non-fungible tokens, and dollar-pegged stablecoins as examples. There are still some regulatory barriers to overcome.

Novogratz argued that BitLicense, New York’s landmark bitcoin regulatory system, should be scrapped. He also chastised the Securities and Exchange Commission for its divisive enforcement-based regulatory agenda. Simultaneously, he welcomed the Biden administration's crypto executive action once more. Bitcoin is currently trading at $41,217.
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