Galaxy Electronic CEO Mike Novogratz challenges Euro Pacific Cash CEO Peter Schiff to bet on Bitcoin price growth. At the time of writing, BTC is changing hands at $35,986.
BTC/USD 4-hour chart | Source: TradingView
$1 Million Bitcoin Price Bet Recommended by Mike Novogratz
Novogratz made the most prolific Bitcoin doomsday prophecy placing a $1 million bet on the latter’s repeated prediction that the crypto market would crash and burn. The crypto mogul is betting that Bitcoin will trade above $35,000 a year from now. If he’s wrong, he’ll donate $1 million to a charity of his choice. Schiff has yet to respond to the bold offer.
@PeterSchiff I’ll bet $1mm for the charity of either of our picks that $BTC 35k higher a year from now. You on? https://t.co/ilQ5KJrHGP
– Mike Novogratz (@novogratz) January 22, 2022
Novogratz had predicted that Bitcoin price would find a bottom near the $38,000 support level, but he then warned investors that the market would continue to come under pressure due to rising bond yields. The bellwether cryptocurrency fell to $34,000, its lowest price since late July amid a relentless sell-off.
Last February, Novogratz predicted that the top cryptocurrency would surpass the $100,000 mark by 2021, but Bitcoin peaked at $69,000 in early November before making a bearish move.
Out-of-control inflation has led the US Federal Reserve to adopt a hawkish stance, which is believed to be the main reason why bears are in the driving seat right now.
Feeling finally vindicated, Schiff has been tweeting non-stop about Bitcoin and the broader crypto market since recently. He’s not the only normal person gloating over the crypto demise.
For an asset driven by a contagion without an economic anchor, such as #BTC, the reduced price does not make it “cheaper” and more attractive. The reduced price makes it less desirable and paradoxically more expensive.
Why? Because price is its ONLY information.
– Nassim Nicholas Taleb (@nntaleb) January 22, 2022
“Black Swan” author Nassim Taleb recently tweeted that the price drop 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.
Sign up for a Binance account here (10% off trading fees): https://accounts.binance.com/en/register? ref = 28703923