Galaxy Digital CEO Mike Novogratz is convinced that Bitcoin price could eventually hit $1 million

Yesterday, Galaxy Digital CEO Mike Novogratz predicted that the Bitcoin price would “go to the moon” if the US Federal Reserve became less hawkish. He published the forecast during the ongoing Bitcoin 2022 conference in Miami.

Here’s when Bitcoin price may go to the moon

The crypto mogul believes the Fed will raise its benchmark short-term interest rate by half a point at its next meeting. This forecast is in line with market expectations. According to Ralph Axel of Bank of America, 73% of the fifty basis points raised rates in May.

The central bank raised interest rates for the first time since 2018 in mid-March after adopting a much tougher stance on inflation. Minutes of the FOMC’s March meeting, released earlier today, shows the most hawkish Fed tightening cycle since 1994.

Novogratz believes there will be an economic downturn soon, which will force the Fed to cancel the trial. The Fed is expected to shrink its balance sheet by $95 billion per month.

The boss of Galaxy Digital has once again addressed the fact that Bitcoin sees increasing adoption by institutions, claiming that it serves as a store of value. Novogratz also believes that the Bitcoin price could eventually hit the $1 million mark.

Last month, the crypto mogul said that it could hit $500,000 in 5 years. His bullish prediction is based on the current adoption cycle.

Bitcoin is currently trading at $43,700 on significant spot exchanges, down more than 5% in the past 24 hours.

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