On 16 February the digital-gold prices<\/a> tested the $25,000 level. The \u201cFear and Greed Index\u201d moved back into the optimistic zone for investors.<\/p>\n At the time of writing, the price of the leading cryptocurrency had retraced to around $23,800 (CoinGecko<\/a>).<\/p>\n In December, Novogratz repeated his forecast of the rise of Bitcoin to $500,000<\/a>. However, the Galaxy Digital chief noted that this would require more than five years due to significant macroeconomic changes.<\/p>\n Regarding Bitcoin\u2019s prospects for 2023, Novogratz again cited the policy<\/a> of the U.S. Federal Reserve (the Fed) to raise the policy rate<\/a> to combat inflation<\/a>.<\/p>\n \u201cTaking a skeptical view of the idea that we will again see explosive highs this year is what Fed Chair Powell is doing. He is actually delivering on what he promised. I do not think the Fed will pivot and cut rates in the near term,\u201d the entrepreneur stressed.<\/p>\n<\/blockquote>\n In January 2022, Novogratz proposed to gold advocate and Bitcoin-skeptic Peter Schiff a $1 million bet<\/a> on Bitcoin\u2019s price. The head of Galaxy Digital said he would donate that amount to charity or other goals of the opponent\u2019s choosing if digital gold trades below $35,000 after a year.<\/p>\n\n
![\"Mike](\"https:\/\/lh6.googleusercontent.com\/3B2IBcg4YgiZz6IEUtE7iBUmb0Ihx5na8tG7rIP8ZwEGKZbCFDkejpKwPW_3Dg1zW8p7T7jmwPSGafzPMrKrhZNeMnIARny7ki__Rju3RLPJVXJBWbWBB4FQqeEgp8q2dyrqULcz0ksgWEieda7kj14\")