Galaxy Digital CEO Mike Novogratz stated in his speech at the Bitcoin conference that if the Fed reduces its hard stance, the value of Bitcoin will go to the “moon”.
Novogratz believes the Fed will raise the short-term interest rate by half a point at the next meeting. This forecast is in line with market expectations.
The Central Bank increased interest rates for the first time since 2018 in March, after taking a very tough position on inflation.
FOMC meeting minutes released today reveal that the Fed has implemented the toughest tightening policy since 1994.
Novogratz predicts a major economic downturn. The Fed plans to shrink the balance sheet by $95 billion a month.
Galaxy Digital CEO stated that Bitcoin is a store of value and emphasized that corporate interest will gradually increase. According to him, the value of the asset could reach $1 million one day.
Bitcoin is trading at $43,883 at the time of writing, according to CoinMarketCap data.
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