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Galaxy Digital CEO Mike Novogratz says bitcoin is a great alternative and a lifeline to people in countries with poor stewardship of the economy. He expects the price of the cryptocurrency to hit $500K. \u201cWe see an adoption cycle that accelerates \u2026 going viral everywhere,\u201d he said.<\/strong><\/p>\n Galaxy Digital CEO Mike Novogratz talked about the outlook for bitcoin and the U.S. dollar in a couple of interviews this week.<\/p>\n \u201cThe biggest thing that\u2019s happened in the last 10 years in lots of ways, maybe longer, is when Europe and the U.S. said: \u2018Hey Russia, those reserves that you thought were yours, they\u2019re not really your reserves,’\u201d he told Bloomberg Tuesday.<\/p>\n Elaborating on what he meant, the Galaxy Digital executive detailed:<\/p>\n It means the dollar or treasuries as a risk-free asset isn\u2019t so risk free. It\u2019s not risk free if you\u2019re Russian and maybe if you\u2019re Chinese, it might not be risk free either.<\/p>\n<\/blockquote>\n \u201cSo I think we are entering a world that\u2019s unknown where people are going to struggle to figure out what is the reserve currency,\u201d he opined.<\/p>\n \u201cThe U.S. isn\u2019t going away. The dollar isn\u2019t going away. But it\u2019s not going to be the sole place. So I think you are going to see this hodgepodge of assets,\u201d Novogratz described.<\/p>\n \u201cGold and, certainly, digital assets are going to be part of that bucket. The whole world is not going to flip to bitcoin overnight but you are going to see more and more people say: \u2018I wanna have some of my money outside of the sovereign,’\u201d he explained.<\/p>\n Noting that \u201cThe Russian ruble has depreciated over 90% in the last 10 years\u201d and \u201cThe Turkish lira did the same,\u201d Novogratz said:<\/p>\n Bitcoin is a lifeline to people in countries with really poor stewardship of the economy.<\/p>\n<\/blockquote>\n He similarly told CNBC Thursday: \u201cWhen there\u2019s bad stewardship of economies \u2026 bitcoin provides a great alternative.\u201d<\/p>\n While admitting, \u201cour stewardship has not been great,\u201d the executive stressed: \u201cIf you were in Russia, you would feel pretty stupid having all of your money in rubles. Or if you were in Turkey, you\u2019d feel pretty stupid having all your money in the Turkish lira.\u201d<\/p>\n The Galaxy Digital boss was asked about his price prediction for bitcoin. He replied:<\/p>\n Five years out, if bitcoin is not at $500,000 then I\u2019m wrong on the adoption cycle.<\/p>\n<\/blockquote>\n \u201cWe see an adoption cycle that accelerates. Bitcoin grew so much faster last year, crypto grew, than the internet did its best years in the 90s. I see this going viral everywhere,\u201d he shared.<\/p>\n Novogratz also commented on the executive order<\/a> on the regulation of cryptocurrency signed by President Joe Biden last week. He noted: \u201cThe politics have shifted even on the Democratic side. It\u2019s no longer anti-crypto, it\u2019s like: \u2018Hold on, there\u2019re a lot of crypto voters.’\u201d<\/p>\nBitcoin Is a \u2018Great Alternative\u2019 in Some Economies<\/h2>\n
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Bitcoin Could Hit $500,000<\/h2>\n
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