$1 Million Bitcoin Price Bet Proposed by Mike Novogratz

Galaxy Digital CEO Mike Novogratz has challenged Euro Pacific Capital CEO Peter Schiff to put his money where his uber-bearish mouth is.

Novogratz has offered the most prolific Bitcoin doom prophet a $1 million wager over the latter’s oft-repeated prediction that the cryptocurrency market is going to crash and burn.

The crypto mogul is betting that Bitcoin will be trading above the $35,000 level a year from now. If he’s wrong, he will donate $1 million to the charity of his choice. Schiff is yet to respond to the audacious offer.  

@PeterSchiff I’ll bet $1mm to the charity of either of our choices that $BTC is higher than 35k a year from now. You on? https://t.co/ilQ5KJrHGP

— Mike Novogratz (@novogratz) January 22, 2022

As reported by U.Today, Novogratz predicted that the price of Bitcoin would find a bottom near the $38,000 support level, but he then cautioned investors that the market would remain under pressure due to rising bond yields.   

The bellwether cryptocurrency crashed to $34,000, the lowest price point since late July amid a relentless sell-off.

Last February, Novogratz predicted that the top cryptocurrency would surpass the $100,000 mark in 2021, but Bitcoin peaked at $69,000 in early November before making a bearish turn.

Out-of-control inflation prompted the U.S. Federal Reserve to adopt a hawkish stance, which is believed to be the main reason why bears are in the driver’s seat right now.

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Bears are coming out of hibernation

Finally feeling vindicated, Schiff has been tweeting non-stop about Bitcoin and the broader cryptocurrency market as of recently. He’s not the only permabear who’s gloating over the cryptocurrency crash.

“Black Swan” author Nassim Taleb recently tweeted that a falling price actually makes Bitcoin more expensive and less desirable.
 

For a contagion driven asset with no economic anchor such as #BTC, a falling price does not make it "cheaper" and more attractive. A falling price makes it less desirable &, paradoxically, more expensive.

Why? Because price is its ONLY information.

— Nassim Nicholas Taleb (@nntaleb) January 22, 2022

NYU economist Nouriel Roubini recently tweeted that El Salvador is now “effectively bankrupt” because of his Bitcoin bet.