Bitcoin (BTC) is “buying and selling rather well” contemplating the current rate of interest hikes within the US, and as soon as the Federal Reserve (Fed) places its tightening on pause, bitcoin is “going to the moon,” Galaxy Digital CEO Mike Novogratz mentioned.
Talking in a fireplace chat with the BTC advocate and investor Anthony “Pomp” Pompliano on the Bitcoin 2022 convention in Miami on Wednesday, Novogratz mentioned the bitcoin’s current efficiency has impressed him, contemplating macro headwinds such because the Fed’s rate of interest hikes.
“I believe bitcoin has traded amazingly nicely,” Novogratz mentioned.
He added that he believes Fed Chairman Jerome Powell has “realized he was behind the curve,” and warned that he’ll possible be “very hawkish” for some time. Powell has a popularity that he desires to maintain, Novogratz mentioned.
“As soon as the Fed pauses, I believe bitcoin goes to the moon,” the investor added.
Additional, Novogratz additionally mentioned about bitcoin that “it’s way more necessary exterior of the US than it’s contained in the US.” He argued that whereas the US greenback has remained “pretty steady” for a very long time, the identical can’t be mentioned concerning the native currencies in Russia, Turkey, and different locations.
Nevertheless, he additionally famous that the aim from his perspective is to not change the greenback with bitcoin. As a substitute, for traders, the main target needs to be to maintain a few of their wealth saved in BTC, he mentioned.
Requested how excessive bitcoin will ever go, Novogratz replied “1,000,000 {dollars}.”
“I pray that the greenback stays robust and bitcoin doesn’t go to infinity. If bitcoin goes to infinity, it could imply all stability is gone within the West,” Novogratz instructed the viewers.
At 15:59 UTC, BTC trades at USD 44,138 and is down nearly 4% in a day. It jumped nearly 15% in a month, trimming its annual losses to lower than 25%.
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Source: Crypto News
