Just after popular cryptocurrency, Bitcoin completed its third halving, industry experts have started making predictions about the price of BTC and what is expected in the coming months.
One of the numerous experts to share their views on the remarkable event is Bitcoin bull and CEO of Galaxy Digital, Mike Novogratz, who made his opinion known in an interview with CNN’s Julia Chatterley today.
Novogratz said that the third halving of block rewards on the Bitcoin network leads to a limited supply of BTC and could result in higher demand, thus forcing an increase in the price of the coin.
According to the Galaxy Digital boss, the Bitcoin halving occurred at a “perfect” time when the global economy is being ravaged by the coronavirus (COVID-19) pandemic.
Countries like the United States are injecting an influx of funds as a stimulus to financial institutions and large corporations in order to blunt the economic damage from the pandemic.
He further explained that the current market condition of Bitcoin is in sharp contrast to “what the fed is doing,” while adding that investors are considering adopting cryptocurrencies, especially Bitcoin because “the possibility that things [would] go really poorly with classic monetary policy is rising.”
Novogratz sees Bitcoin at $20k by year-end
Interestingly, Mike Novogratz is still highly bullish about the most popular cryptocurrency by market cap as he predicts that the current condition of the global economy and the imminent limited supply of Bitcoin could see the price of BTC rise as high as $20,000 before the year ends.
This is not the first time Novograts is backing Bitcoin’s $20,000 price prediction, as he earlier said in an interview last month that he would gladly retire if the price of BTC does not hit the $20,000 mark this year.
“This is the year of Bitcoin, and if it doesn’t go up now by the end of the year, I might just hang my spurs,” Novogratz said at the time.
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