Will Bitcoin reach $500,000 in 5 years? Mike Novogratz has the answer

Crypto billionaire Mike Novogratz is a staunch supporter of Bitcoin and repeatedly heralds the positive side of the king coin. Proclaiming the power of Bitcoin for over a decade, Novogratz founded Galaxy Digital Holdings in 2018.

Galaxy Digital Holdings now owns 16,402 BTCs in his portfolio which is currently worth nearly $278 million. When Bitcoin hit its all-time high of $69,044 in November 2021, Galaxy Digital’s portfolio soared to $1.13 billion. Their portfolio is down nearly 75% from the peak of the 2021 bull run.

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Novogratz previously predicted that Bitcoin would reach $500,000 five years from now in 2028. His very bullish forecast led investors to believe that BTC would skyrocket and hit new yearly highs.

When TerraUST and LUNA collapsed to $0 in May 2022, Novogratz doubled down by saying he still believes Bitcoin is heading towards $500,000 within five years.

Will Bitcoin reach $500,000 in 2028?

Mike Novogratz’s enthusiasm for BTC seems to have taken a hit during the ongoing and harsh bearish market conditions.

In a recent interview with Bloomberg, Novogratz stated that he no longer believes Bitcoin would reach $500,000 within five years. He added that the rigid market conditions will hinder BTC’s growth and make it more difficult to rally due to the impending recession.

To the uninitiated, Novogratz was one of the first to predict that 2022 will be a worse year for crypto investors. His prediction was correct, as the markets remained in trouble for 12 consecutive months this year.

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2600 $eth would be the next support. Hope and think it will hold. Unfortunately, Russell still has about 14 percent to go before bottoming out. Won’t be a straight line down.

This will be a year when people realize that being an investor is a hard job.

— Mike Novogratz (@novogratz) January 21, 2022

His ‘Bitcoin won’t reach $500,000 in 2028’ could prove true as the global economy remains volatile. Job cuts, inflation and rumors of a recession are pushing markets back, causing Bitcoin’s price to plummet.

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At the time of writing, Bitcoin was trading at USD 16,926 and is up 1.4% in 24-hour trading. BTC is down 75.5% from its all-time high of $69,044, which it reached in November 2021.