Bitcoin is the first successful internet money based on peer-to-peer technology; whereby no central bank or authority is involved in the transaction and production of the Bitcoin currency. It was created by an anonymous individual/group under the name, Satoshi Nakamoto. The source code is available publicly as an open source project, anybody can look at it and be part of the developmental process.
In this regard, Novogratz asserts that the operating properties of Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. and the current inflationary situation will make each unit to be priced above USD $500,000, which makes it an excellent store of value thinking in the coming years.
- For Novogratz, BTC will reach USD $500,000 over the next five years.
- It qualifies as a very good mechanism for storing wealth for the long a situation where you buy a cryptocurrency with the expectation of selling it at a higher price for profit later. term.
- BTC exceeds USD $23,500 at the time of publishing.
It seems that the increase in the price of Bitcoin and major altcoins generated positive sentiment the sentiment is the overall mood and attitude of traders and investors in regard to a particular asset or the whole market. among enthusiasts and analysts, who are inclined to think that the crypto winter could be showing some light after the downturn we saw in recent weeks.
Un Bitcoin to USD $500,000 over five years
This seems to be the case for the CEO of Galaxy Digita l, Mike Novogratz, who again jumped in and commented that from his perspective, Bitcoin would undoubtedly reach USD $500,000 over the next five years.
This is what Novogratz said during his participation in the event.Bloomberg Crypto Summitwhere he assured that the conditions are in place for Bitcoin to reach this milestone, starting mainly from the characteristics that make the digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currency currency is a medium of exchange that defines value. unique, such as its controlled issuance, its scarcity, being easily transferable and its deflationary characteristics.
In addition to the above, the billionaire investor also stated that the value of Bitcoin is assured since this would be a consequence of the current conditions of the global financial system, which would be fueling an increase in inflationary indices in many nations, which ends up directly affecting the consumer who is the most harmed. Therefore, the digital currency could work as a good mechanism to store wealth, but this thinking in the long term.
Prospects for Bitcoin vs. current state of the market an area or arena, online or offline, in which commercial dealings are conducted.
While Novogratz’s outlook on the price of Bitcoin is somewhat ambitious, the investor is not unaware of the current moment in the crypto market, which he described as a full-fledged credit crisis and added:
“What I don’t think people expected was the magnitude of the losses that would show up on the balance sheets of the professional institutions and cause the chain of events. (…) It became a full-blown credit crisis with a total liquidation liquidation refers to the conversion of an asset or cryptocurrency for fiat or its equivalents. and major damage to confidence in the space.”
Prior to these declarations, weeks ago Novogratz assured that the instability in the price of Bitcoin was mainly due to the degree of leverage money that a trader borrows from a brokerage, enabling them to gain far greater exposure to a position than what their capital allows. that many traditional finance companies had over the digital currency, which ended up generating a fall in the market once the price of the same began to fall. As a result, entities such as Celsius y Three Arrows Capital capital is most commonly defined as the large sum of money you would use to invest. were forced to suspend operations and, consequently, declare bankruptcy.
Let’s also keep in mind that the crypto market was heavily shaken following the collapse of the Earth, one of the projects Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. más sólidos hasta ese momento, el cual derivó importantes pérdidas a sus inversionistas incluido el mismo Novogratz. \
For many, the effect this had within the crypto market in general sparked the formal onset of what they term the crypto winter, a period in which the price of major cryptocurrencies falls to lows with no clear prospect of a sustainable rise over time.
High hopes for Bitcoin in the long run
As such, Novogratz is among the group of enthusiasts and investors who maintain that Bitcoin could be significantly revalued in the coming years.
One person who made a similar reading was the CEO of SkyBridge Capital, Anthony Scaramucci, who also proposed highs for Bitcoin near USD $500,000 per unit over the next four to five years.
Other enthusiasts are also following the same line, and it seems that the outlook is once again positive now that Bitcoin managed to break and hold above USD $23,500 at this hour, capitalizing on an 8.61% increase in the last 24 hours.
- “Bitcoin price could fall further, but it won’t go as low as USD $13,000,” says Mike Novogratz
- Billionaire Mike Novogratz remains bullish on cryptocurrencies, but predicts cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. bankruptcy
- For Anthony Scaramucci of Skybridge Capital, “Bitcoin could reach USD $500,000 in the next four to five years”.
Version by Angel Di Matteo / DiarioBitcoin
Imagen de Unsplash