Top Investor Estimates Bitcoin To Hit $500,000 In 5 Years

Last Updated April 19th 2022
4 Min Read

Mike Novogratz Is Bullish That Bitcoin Could Have A Market Cap Of $9 Trillion In 5-Years. 


Key Points

  • The CEO of Galaxy Digital, Mike Novogratz, believes Bitcoin could hit $500k in 5-year.
  • Bitcoin is currently in a correction and is trading at $40,161 after a rally towards the end of March.
  • Bitcoin would have to do 12X if it were to hit $500k per coin in the next 5-years.

Of all the Bitcoin bulls, Mike Novogratz is one of the most optimistic. In an interview back in March, Novogratz said that Bitcoin could be trading at $500k a coin in five years. 

Novogratz is not just bullish on Bitcoin but the cryptocurrency market. While there are many other Bitcoin bulls in the market, Novogratz is one of the most bullish. He believes that Bitcoin could test $500k in the next 5-years.

Is It Possible For Bitcoin To Trade At $500,000?

For most of this year, Bitcoin has been trading sideways. Bitcoin started in 2022 bearish but started to gain upside momentum towards the end of March, hitting a high of $48k in early April. However, bears have regained control, and on April 15, 2022, Bitcoin was trading at $40,161.04. 

So, can Bitcoin hit $500,000? For this to happen, Bitcoin would have to increase by 12X. It would mean an increase in Bitcoin market cap from its current market cap of $763.54 billion to about $9 trillion. This would be quite a big move in just 5-years and would give Bitcoin roughly the same market capitalization as gold today.  

While this may seem a little too ambitious, cryptocurrencies have been shown to do the unexpected. Even Bitcoin’s price action from 2009 to 2022 is unprecedented in the financial markets. 

One of the reasons why Novogratz believes Bitcoin could rise to a valuation price of $500,000 per BTC is adoption. In the decade that Bitcoin has been in existence, it has been increased from a currency of the underworld to mainstream money that is even adopted as legal tender by a country. Millions of people globally also use Bitcoin as an everyday currency. 

Novogratz believes that the only other tech trend that has grown as fast as Bitcoin is the internet itself. The internet as a tool for everyone started in 1994 and has grown to what it is today, where most of the world population is connected to the World Wide Web. The result is what we have today, including trillion-dollar companies like Amazon. If Bitcoin follows the same trajectory, it is not unimaginable for its price to grow 12X in 5-years. 

Interestingly, Novogratz may not be off comparing Bitcoin to the internet. The internet is one of the most significant technological innovations in human history. It took 7-and-half years for it to reach a billion users. Today, Bitcoin is where the internet was in adoption back in 1997. If it follows the same trajectory as the internet, the future is bright for Bitcoin, and it could be way ahead of where it is today in the next 5-years. 

Projections even paint a scenario where Bitcoin is growing faster than the internet back in the 1990s. This means by 2025; it could easily have hit 1 billion users. This projected rapid growth of Bitcoin that Novogratz is counting on to push Bitcoin to $500,000. 

In an interview back in March 2022, Novogratz stated that Bitcoin was growing at a much faster rate than the internet when it was the hot new thing back in the 1990s. 

Don't Miss: Bitcoin (BTC) Price Prediction

buy bitcoin

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Can Bitcoin Realistically Hit $500k In The Next 5-Years?

If history is anything to go by, then there is a good chance that Bitcoin could easily hit $500,000 or more by 2026. It has to continue with the same momentum it had from 2009 to 2021. The 10-year period from 2009 to 2021 has been an exceptional time for Bitcoin. It outperformed all conventional assets and gave investors an annualized return of more than 200%.

One thing that supports such growth for Bitcoin is its coin supply. Bitcoin’s supply is capped at 21 million tokens. Currently, 19.02 million Bitcoins have entered circulation, and the mining process is getting even more difficult. At the same time, a considerable chunk of Bitcoins mined is lost forever. As demand for BTC grows, it is putting pressure on an ever-shrinking number of coins, a key ingredient to a potential price rally. 

Bitcoin is also going mainstream fast, which works well in putting pressure on the low coin supply. At the moment, El Salvador is the first country to adopt it and is even considering the idea of issuing a Bitcoin bond. Other countries are contemplating the idea of Bitcoin as legal tender, too. If this adoption goes global, there is every reason to believe Bitcoin could hit $500,000 by 2026

eToro – Best Platform To Buy Bitcoin

Open an account with eToro, deposit some funds with USD, and finally – buy Bitcoin from just $10.

eToro cryptocurrency trading

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Read More:

Ways to Make (or Lose) Money With Bitcoin (BTC)

Bitcoin (BTC) Price Prediction for 2025 and 2030

Pros and Cons of Investing in Bitcoin (BTC)

You Asked: What If I Invest $10 In Bitcoin?

Best Methods On How To Earn Bitcoins Fast