Bitcoin seems to have reached a point when even its biggest and most bullish admirers and investors are slowly losing hope in the crypto asset altogether.
In fact, no less than well-known crypto advocate and Galaxy Digital CEO Mike Novogratz, who, back in March 2022, said the maiden cryptocurrency will hit $500,000 by 2027, dialed down his predictions owing to the subpar performance of BTC.
During his recent interview, Novogratz seemingly blamed the interest rate hikes that were implemented by the U.S. Federal Reserve in a desperate but aggressive attempt to contain the rate of inflation in the country.
The CEO also mentioned the collapse of the FTX exchange platform, lenders Celsius Network and BlockFi and Three Arrows Capital hedge fund as major contributory factors to the downhill trajectory of the broader market as it hurt people’s confidence on the digital asset class.
A Tall Order For Bitcoin
Many analysts and experts were skeptical about the Galaxy Digital top honcho’s forecast for Bitcoin as it meant the asset will have to grow in meteoric proportions for it to reach the $500K level.
During the time Novogratz made his statement, BTC needed to increase its value by a dozen times in order to trade at half a billion dollars.
In doing so, the cryptocurrency will then push its market capitalization to $9.2 trillion – 10 times the current overall valuation of the entire crypto market.
Galaxy Digital CEO Mike Novogratz. Image: Forbes.
The closest Bitcoin has even been was when it registered its prevailing all-time high of a little over $69,000 back in November 2021.
During that time, its market cap surpassed the $1 trillion marker. Still, BTC is still several steps away from the level Novogratz was so sure it would be five years from now.
With all things considered, the crypto advocate maintained Bitcoin will still hit $500,000 but no longer within five years.
A Quick Look At Bitcoin’s Current Performance
According to tracking from Coingecko, at the time of this writing, BTC is changing hands at $17,017, having lost more than 70% of its value in the same time last year.
It still remains as the largest cryptocurrency by market capitalization but its overall valuation is currently at $327.04 billion.
It will most likely end 2023 with a value that is significantly lower than what it started this year with. Some analysts say Bitcoin’s surge will come between next year and 2024, although the uptick will probably peak at $24K.
Crypto total market cap at $810 billion on the daily chart | Featured image from Common Cents Mom, Chart: TradingView.com