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Well-known businessman Mike Novogratz reiterated his prediction that Bitcoin will rise to 500,000 euros.

The founder of Galaxy Digital, Mike Novogratz, on the air of Bloomberg Television, reiterated his forecast for the increase in the price of the main cryptocurrency Bitcoin, up to 500,000 euros.

However, he previously said that growth would occur within 5 years. Today he retracted his words, citing serious changes in the macroeconomic situation.

“The reason Bitcoin fell from $69,000 to $20,000 is [Fed Chairman] Jerome Powell’s decision to find central bank superpower and start fighting inflation with a series of 0% to 4% key rate hikes,” he explained.

For this reason, all assets considered inflation hedges have fallen in price, Novogratz added.

In early October, Mike Novogratz said that BTC would resume its growth in price, however, after the Federal Reserve refused to aggressively increase rates to fight inflation.

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