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Novogratz Sees Bitcoin Hitting $40,000, Here's Key Factor

Thu, 04/13/2023 - 08:23
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Alex Dovbnya
Mike Novogratz, renowned cryptocurrency investor and Galaxy Digital CEO, projects that Bitcoin could reach $40,000 if Federal Reserve ceases interest rate hikes and begins cutting rates
Novogratz Sees Bitcoin Hitting $40,000, Here's Key Factor
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Cryptocurrency investor and Galaxy Digital CEO Mike Novogratz recently predicted that Bitcoin, the flagship cryptocurrency, could hit $40,000, provided that the Federal Reserve halts interest rate hikes and starts cutting rates, Bloomberg reports.

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 breakthrough past the $30,000 milestone, Novogratz expects the cryptocurrency to consolidate before moving toward the $40,000 mark, contingent on the Fed's actions aligning with his expectations.

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In contrast, he predicts equities will remain "range-bound" this year, noting their relatively high prices make them neither cheap to buy as value nor particularly attractive for investors.

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

He emphasized that the adoption cycle typically speeds up as prices increase. It remains to be seen whether or not Novogratz's most recent prediction materializes.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at