Bitcoin

Mike Novogratz Says Worst is Over – Bitcoin Price Will Rise Soon !

Written by: Qadir AK

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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Jul 19, 2022

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Over the past two days, cryptocurrency markets have regained their value significantly. Several crypto coins’ prices have also gone up. Bitcoin surged above $22,500 to reach its highest level in more than a month.

Over the past several days, a number of altcoins have outperformed Bitcoin, with the Polygon network’s MATIC token dominating the charts. 

The investors have suffered losses up to greater extents during the crypto market crash. Mike Novogratz, CEO of Galaxy Digital, stated that his heart doctor lost a staggering $1 million as a result of his assets being held by Celsius during a speech at the Bloomberg Crypto Summit. 

Following an unexpected freeze on withdrawals last month, the cryptocurrency lender declared bankruptcy last week. The company acknowledged that its balance sheet contained a $1.2 billion shortfall.

The company’s attorneys claimed that customer monies effectively belonged to Celsius at the first bankruptcy hearing. “No one reads the fine print,” Novogratz commented.

Regulators, according to Novogratz, did not go far enough when it comes to cryptocurrencies, a claim that has earned him ridicule for having a tattoo of the defunct Luna project. “At times the whole industry looks like a bunch of idiots,” he remarked.

$500,000 for BTC in the Next Five Years?

The cryptocurrency billionaire has stated again that more people are using Bitcoin.  “There will be a generation of people who really believe in this,” he said.

He doesn’t see the most recent Bitcoin price decline as a U-turn, but rather as a little hiccup. It emphasizes that it is a distinct hard asset and that it is in many ways superior to gold. He claims that cryptocurrency also requires a fresh story to spark a new bull market.

Novogratz still thinks that Bitcoin might rise to the $500,000 mark within the next five years, despite the fact that cryptocurrencies are now experiencing a significant price fall.

At the time of writing BTC is trading at $22,510 and was up by more than one percent in the past 24 hours.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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