Mike Novogratz has challenged Peter Schiff to a $1 million bet for Bitcoin price
Galaxy Digital CEO Mike Novogratz challenged Euro Pacific Capital CEO Peter Schiff to bet on Bitcoin price growth. At the time of writing, BTC is changing hands at $35,986.
BTC/USD 4-hour chart | Source: TradingView
$1 million Bitcoin price bet proposed by Mike Novogratz
Novogratz has made the most prolific Bitcoin doom oracle offer a $1 million bet on the latter’s repeated prediction that the crypto market will crash and burn. The crypto mogul is betting that Bitcoin will trade above $35,000 a year from now. If he’s wrong, he’ll donate $1 million to a charity of his choice. Schiff has yet to respond to the bold offer.
— Mike Novogratz (@novogratz) January 22, 2022
Novogratz had predicted that Bitcoin price would find a bottom near the $38,000 support, but then he warned investors that the market would remain under pressure due to rising bond yields. The bellwether cryptocurrency fell to $34,000, its lowest price since late July amid a relentless sell-off.
Last February, Novogratz predicted that the top cryptocurrency would surpass the $100,000 mark in 2021, but Bitcoin peaked at $69,000 in early November before taking a bearish move.
Out-of-control inflation has prompted the US Federal Reserve to adopt a hawkish stance, which is believed to be the main reason the bears are in the driving seat right now.
Feeling finally vindicated, Schiff has been tweeting non-stop about Bitcoin and the broader crypto market since recently. He’s not the only normal person gloating over the crypto demise.
For a contagion driven asset with no economic anchor such as #BTC, a falling price does not make it “cheaper” and more attractive. A falling price makes it less desirable &, paradoxically, more expensive.
Why? Because price is its ONLY information.
— Nassim Nicholas Taleb (@nntaleb) January 22, 2022
“Black Swan” author Nassim Taleb recently tweeted that the price drop makes Bitcoin more expensive and less desirable. NYU economist Nouriel Roubini recently tweeted that El Salvador is now “effectively bankrupt” because of his Bitcoin bet.
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