Mike Novogratz, who predicted bitcoin’s growth to $ 500,000, no longer believes in the token’s future

Billionaire and CEO of Galaxy Digital Mike Novogratz has abandoned his forecast of bitcoin’s value — the investor no longer believes that BTC $56,278.68 Bitcoin -1.35% Market capitalization $1.11 trillion VOL. 24 hours $2.77 billion will be worth $ 500,000 in 5 years. Speaking to Bloomberg reporters, Novogratz said that due to the recent bankruptcy of FTX and the collapse of other platforms, the flagship cryptocurrency will not be able to grow to such a maximum.

According to the billionaire, Сем Бенкман-Фрід" href="https://noworries.media/biography/sem-benkman-frid/" data-bio-id="3697">Sam Benkman-Fried is to be blamed for the current state of affairs and the problems of bitcoin, which are just beginning. Novogratz is convinced that it was his actions that led to the collapse of the entire crypto market, so SBF should be put behind bars. «He needs to be brought to justice. The authorities need to figure out what happened ,» Novogratz emphasized. Interestingly, even after the Terraform Labs collapse, the CEO of Galaxy Digital was not as pessimistic as he is now.

Back in July, the investor was of the opinion that bitcoin could help people preserve their wealth in a period of inflation that will continue to grow. Novogratz also criticized regulators who «are not doing enough to protect retail investors in the cryptocurrency space.» At the time, the CEO of Galaxy Digital was convinced that the worst times of the crypto market were over, and bitcoin remained a reliable financial asset.