Mike Novogratz, CEO of Galaxy Digital, has challenged Peter Schiff, CEO of Euro Pacific Capital, to a $1M Bitcoin price bet. The $1M goes to charity if Bitcoin does not trade above $35,000 in a year’s time.
Novogratz has offered the most frequent Bitcoin doom prophet a $1 million wager over the latter’s oft-repeated prediction that the cryptocurrency industry is destined to crash and burn.
Bitcoin will trade above $35,000 in a year, according to the cryptocurrency tycoon. If he’s wrong, he’ll contribute $1 million to his favourite charity. Schiff has yet to respond to the bold proposal.
Novogratz projected that the price of Bitcoin will bottom near the $38,000 support level, but he also warned investors that rising bond yields would keep the market under pressure. During a persistent sell-off, the bellwether cryptocurrency fell to $34,000, its lowest price since late July.
Last February, Novogratz forecasted that Bitcoin will hit $100,000 in 2021, but the top cryptocurrency peaked at $69,000 in early November before turning bearish. Out-of-control inflation spurred the Federal Reserve of the United States to adopt a hawkish attitude, which is said to be the primary reason why bears are currently in control.
Other Bitcoin opponents tweet
Schiff has recently been tweeting nonstop about Bitcoin and the broader cryptocurrency market, finally feeling vindicated. He’s hardly the only eternal bear rejoicing in the cryptocurrency fall.
Nassim Taleb, the author of “Black Swan,” recently tweeted that a dropping price 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.