Published: 03.04.2022
Article reading time:
2 minutes.
The CEO of Galaxy Digital believes that the arrival of new investors and innovations, developments in politics and the economy, and the acceptance of bitcoin by the authorities improve the forecasts for BTC for 2022.
Mike Novogratz states that more and more investors are entering the cryptocurrency and blockchain market – and this contributes to the growth in the value of the first cryptocurrency. The billionaire claims that amid continued industry innovation and increased interest from the general public, Bitcoin will surpass his own previous predictions for 2022:
“Initially, I said that bitcoin would have a volatile year, that the price would fluctuate in the range of $30,000 to $50,000. But given the way the markets are trading, new investors and innovation, the development of Web3 and the metaverse, I have more optimism. Therefore, I won’t be surprised if cryptocurrencies grow significantly by the end of 2022.”
Novogratz believes that geopolitical tensions in Eastern Europe and sanctions pressure on Russia could change attitudes towards cryptocurrencies.
“The military actions in Ukraine create a lot of inflationary pressure, generate a lot of risks and worries, but add confidence to crypto investors and accelerate the adoption of digital assets,” said the CEO of Galaxy Digital.
Bitcoin began to write a new history at a time when Europe and the United States blocked financial flows to Russia, Novogratz is sure:
“For the first time in my career as an investor, people said, ‘Wait a minute. If it could happen there, what about China and its $1.4 trillion Treasury bills?”
Novogratz believes that the adoption of bitcoin will continue, as everyone realized what an unstable world we live in:
“The story with bitcoins and other cryptoassets got a tailwind in the back. Yes, we live in a world controlled by the authorities, and this raises the question: how to enter crypto assets into it? But public acceptance continues, and that acceptance will continue to grow.”
Secretary of State Janet Yellen, in her latest comments, showed a much more optimistic approach to cryptocurrencies and this indicates a positive shift in regulation, the billionaire believes.
Worth noting: Despite his positive attitude towards Bitcoin, Mike Novogratz believes that Ethereum has a better chance of becoming a global currency than Bitcoin, since ETH is used for NFT trading.
Source: Bits
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