Novogratz Sees Bitcoin Hit $40,000, Here’s the Key Factor

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Alex Dovbnya

Renowned cryptocurrency investor and Galaxy Digital CEO Mike Novogratz predicts that Bitcoin could hit $40,000 if the Federal Reserve stops interest rate hikes and starts cutting rates

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Cryptocurrency investor and Galaxy Digital CEO Mike Novogratz recently predicted that Bitcoin, the flagship cryptocurrency, could hit $40,000, provided the Federal Reserve halts interest rate hikes and begins to cut rates, reports Bloomberg.

Novogratz cited long gold, long euro, long Bitcoin, and long Ethereum as the “clearest” trades, all of which should benefit from the Fed’s anticipated policy changes.

Following Bitcoin’s recent breakout past the $30,000 mark, Novogratz expects the cryptocurrency to consolidate before moving to the $40,000 mark, provided Fed actions match. to his expectations.

By contrast, he predicts stocks will remain “limited” this year, noting that their relatively high prices make them neither cheap to buy as a value nor particularly attractive to investors.

In a previous CNBC interview, Novogratz shared his thoughts on Bitcoin’s surge above $30,000, attributing the rally mostly to the crypto community rather than major institutional players.

He pointed out that the adoption cycle generally accelerates as prices increase. Whether or not Novogratz’s most recent prediction materializes remains to be seen.

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