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Billionaire Mike Novogratz Says Abrupt Bitcoin Explosion to $1,000,000 Is the Last Thing He Wants – Here’s Why

by Daily Hodl Staff
April 19, 2023
in Bitcoin, Trading

The founder and CEO of Galaxy Digital, Mike Novogratz, says that he hopes the US economy remains strong and Bitcoin (BTC) doesn’t hit seven figures within a short period.

Novogratz says in a new interview on The Prof G Show that he is not looking forward to Bitcoin exploding by over 3,000% from current levels “anytime soon.”

“I don’t want Bitcoin to go to $1 million anytime soon.”

According to Novogratz, Bitcoin going to a million would mean that instability in the US has set in, a situation he wouldn’t want materializing.

“As a guy who served the country, the last thing I want, because if Bitcoin goes to $1 million, we’ve got instability, we lose civil society and we’re all screwed…”

Bitcoin is trading at $29,943 at time of writing.

Referring to the bet publicly made by former Coinbase executive Balaji Srinivasan last month that Bitcoin will hit $1 million by around mid-June, Novogratz says that such a stance hurts the cause of the crypto industry among regulators.

“When guys like Balaji say ‘I will bet you Bitcoin’s in a million’ for a fact, it drives me crazy because I think it also really infuriates the people at U.S. Treasury Department…

I think while the dollar is under attack elsewhere, it doesn’t help. And you want the regulators on your side not in your face.”

I

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