Bitcoin hitting US$500k can be a relief to multiple crypto investors post-crypto crash in 2022
Bitcoin has created a major panic in the crypto market as the most popular cryptocurrency experienced a hard crypto crash. The drastic fall of the BTC price has incurred millions of losses in crypto wallets. The plummeted situation is beneficial for some crypto investors and others are losing interest. Meanwhile, Mike Novogratz, the popular crypto influencer and a billionaire from LUNA token has claimed that Bitcoin will hit US$500k in the nearby future. This statement from Mike Novogratz has created a controversy in the global cryptocurrency market about whether Bitcoin can touch US$500k in the future after it crashed to US$17k in 2022.
Mike Novogratz is one of the top crypto influencers, especially in the field of stablecoins like Terra. He is the counterpart of Elon Musk being a Dogefather. The immense support of Mike Novogratz has attracted millions of crypto investors towards Terra stablecoin. His influence worked in favor of the cryptocurrency and Terra successfully experienced a growth in its price and surpassed US$100 each in 2022. Mike Novogratz is known for spending over US$10 million on the most popular Bitcoin cryptocurrency as well as more than millions on other cryptocurrencies. He called himself the ‘Forrest Gump of Bitcoin’ and has predicted Bitcoin will reach US$500k in the next five years — 2027 deadline.
Mike Novogratz has also accepted that the crypto crash has caused a full-fledged credit crisis with complete liquidation as well as major damage to confidence and trust in the global cryptocurrency market. At the time of writing, the current price of BTC is US$22,760.09 with a market cap of US$434.92 billion and a volume of US$41.64 billion. We all know that the cryptocurrency market is highly volatile, fluctuating, and unstable with thousands of cryptocurrencies. The statement of Mike Novogratz about hitting the US$500k jackpot can be a bit unstable statement.
Though there are multiple reasons for the extreme market conditions that have had Bitcoin experience a crypto crash, it is quite impossible to reach US$500k. But nothing is impossible in the cryptocurrency market— most popular stablecoins were not stable anymore. Yes, BTC has never failed to surprise crypto investors in the records. It has revived back and is even stronger after carrying a crypto bear flag. That is providing some hope to crypto investors that BTC will come back stronger in the next five years after hitting the lowest of US$17k in 2022. If the prediction of Mike Novogratz comes true, multiple crypto investors can become crypto billionaires or crypto millionaires in the nearby future.
