Bitcoin's worth might surge up to $150,000 in the next price hike, claims Michael Novogratz.
In a recent development, renowned investor Mike Novogratz has expressed his long-term prediction that Bitcoin could potentially reach a staggering $1,000,000. This lofty price point, according to Novogratz, would signify Bitcoin replacing gold as a macro asset.
Novogratz's bullish stance is based on several factors, including Bitcoin's fixed supply and growing institutional adoption. He believes that over time, Bitcoin could surpass gold in valuation due to its inherent scarcity and increasing acceptance within the financial world. Novogratz stated, "The bull case becomes that over time, gold slowly gets replaced by Bitcoin." This $1 million price target corresponds to Bitcoin reaching gold's current market size.
However, Novogratz also issues a word of caution. He suggests that a rapid surge towards $1 million could be an indicator of significant problems with the U.S. economy, such as a collapsing dollar due to excessive money printing and rising national debt. Novogratz prefers a scenario of slower price appreciation with a stable U.S. economy, rather than a rapid surge signaling an economic crisis.
Currently, Bitcoin's price has climbed above $106,000, and the total crypto market cap stands at around $2 trillion. Gold, on the other hand, has a total value of $22 trillion. Novogratz predicts the next resistance levels for Bitcoin's price to be between $130,000 and $150,000. He believes this will happen as more young people inherit wealth and invest in crypto, driving up demand and pushing prices higher.
In the near term, Novogratz expects Bitcoin to reach $150,000, with the long-term potential being much higher, contingent on macroeconomic conditions. While the journey to $1 million may be a long one, Novogratz's predictions underscore the growing belief that Bitcoin could one day challenge gold's status as a store of value on a macro scale.
Read also:
- Quantum Computing Market in the Automotive Sector Forecast to Expand to $6,462.13 Million by 2034
- Enhancing the Structural Integrity
- Apple faces possible legal action from Elon Musk due to the alleged manipulation of his AI app's ranking within the App Store.
- Electric van from BYD undergoing trials in China observed
