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Fred Cole

An editor at FOMOdrive

  • Jun 20, 2023
  • 3 min read

Mike Novogratz Predicts Bitcoin to Rise to $500,000

Investors who are not large in size are purchasing bitcoin as its price decreases.

For nine consecutive weeks, investments in crypto funds have been decreasing.

The cryptocurrency industry will be centered around bitcoin.

The Deneb update package has been pre-built by the Ethereum team.

The International Monetary Fund (IMF) is developing a worldwide framework for Central Bank Digital Currencies (CBDCs).


CoinShares reported that investments in crypto funds dropped by a mere $5 million last week, making it the ninth consecutive week of outflows. Bitcoin investments decreased by $0.5 million, while Ethereum investments decreased by $5 million.

CoinShares reported that last week's decrease in altcoin prices drew the attention of investors. XRP, Cardano, and Polygon were the main focus, with inflows of $2.4M, $1M, $0.6M, and $0.2M respectively.

Glassnode observed that retail traders were instrumental in pushing bitcoin's price above $26,000, noting a spike in activity from addresses that hold between 0.1 and 1 BTC.

Mike Novogratz, CEO of Galaxy Digital, believes that Bitcoin will experience long-term growth and eventually reach a price of $500,000. He believes that, in the face of inflation, people will be looking for alternative investments, and Bitcoin is one of them.

Arthur Hayes, co-founder of the BitMEX exchange, has expressed his belief that the US authorities are not only impeding the growth of the crypto industry, but also creating an environment that will cause it to migrate to China. He believes that once Beijing permits retail and corporate investors to invest in bitcoin, the cryptocurrency will reach a new all-time high.

Michael Saylor, the founder of MicroStrategy, declared that the US Security and Exchange Commission's (SEC) recent actions towards crypto exchanges have made it evident to the industry that it is destined to concentrate on Bitcoin. He stated that BTC is the only asset that is suitable for institutional use.

After a decade of service, U.S. crypto payment company Wyre has announced its closure due to the current bear market conditions. The platform was on the brink of bankruptcy after fintech company Bolt pulled out of a $1.5 billion takeover deal in September 2022.

During a teleconference, Ethereum developers discussed the specifics of the upcoming Deneb consensus level update, which will be part of the Dencun hard fork. It was proposed that the minimum balance for ETH network validators be increased from 32 ETH to 2048 ETH in order to enhance the blockchain's efficiency.

Kristalina Georgieva, the head of the International Monetary Fund (IMF), has announced that the organization is working on a global infrastructure for central bank digital currencies (CBDCs) and legislation to regulate the flow of funds into CBDCs.

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