Though Bitcoin was introduced in 2008 and had gained attention, the 2020 COVID-19 pandemic was the time when people realized the importance of cashless payment, and that brought digital currencies into the spotlight due to the economic crisis.
In October 2021, Bitcoin also hit an all-time high at $61,000. But the Bitcoin bulls slowly lost control since then as the flagship currency was blown by a bearish pull. At the time of reporting, BTC Price has plunged by 4.01% trading at $43,472 over the last 24hrs.
Bitcoin To Go To The Moon!
Though the world’s largest cryptocurrency by market cap is surrounded by roaring bears, in the early hours today, during the ongoing Bitcoin 2022 conference in Miami, Mike Novogratz, Galaxy Digital CEO, is seen quoting that Bitcoin will go to the moon only if the US Federal Reserve becomes less hawkish.
The cryptocurrency pioneer, Mike, is of the opinion that the Federal Reserve will increase its standard interest rate by a half-point at its next meeting. This prediction is based on market expectations as Bank of America’s Ralph Axel claims 73% of a fifty basis point hike in May.
As per the reports, for the first time since 2018, the Central bank has increased its interest rates in mid-march after acquiring a tougher position during inflation.
The FOMC’s March minutes of the meeting were released earlier today and the report depicts the most hawkish Fed tightening cycle since 1994. However, Mike Novogratz expects an economic downturn in the near future that will oblige Fed to take a reverse turn and reduce the balance sheet by $95 billion per month. Novogratz also claims Bitcoin to be a store of value, as the currency is experiencing more institutional adoption.
Novogratz Foresee Bitcoin Price Reaching $1 million Level
The Galaxy Digital CEO is seen as having a strong belief that Bitcoin will eventually reach the $1 million level. Also in the month of March, Novogratz had claimed Bitcoin will outstretch its price at $500,000 in five years from now. This bullish prediction is based on the present Bitcoin adoption cycle.