CEO of Galaxy Digital Mike Novogratz has called out his fellow CEO, Peter Schiff of Euro Pacific Capital to back his bearish sentiments with a $1 million Bitcoin price stake.
This development came in a Twitter spat between the two prominent men. Arguably the most infamous Bitcoin doom preacher, Peter Schiff aired his damning sentiments again on social media as per his norms, however Mike Novogoratz, being fed up with his dooms rants, called him out for a bet regarding the flagship crypto’s future.
Novogratz’s Proposed $1 Million Bitcoin Wager
CEO Novogratz has taken it upon himself to challenge Novogratz to a proverbial duel that will feature $1 million as a wager.
Novogratz is confident that Bitcoin will be trading above $35k by this time next year despite its current bearish price outlook. He has dared his counterpart, Schiff, to dare to bet. The conditions he proposed state that should Bitcoin trade below $35k this time next year, he-Novogratz will donate $1 million to a charity of his choosing. CEO Schiff has not responded or obliged Novogratz’s dare as he continues to maintain media silence.
Novogratz Bitcoin Predictions
According to reports from mainstream media, Novogratz had previously predicted Bitcoin’s weekend price dump when he cautioned investors of a looming bearish storm, citing increasing inflation rates and bond yields as a major pressure plug for bulls.
The flagship crypto summarily crashed over on Saturday as it led the crypto market to sell-off indiscriminately falling to a seven-month all time low.
In February last year, Novogratz levied BTC price projections that will place the number one coin at a trade price of $100,000 in December 2021. Contrary to his predictions, Bitcoin rose rapidly but wasn’t able to rise to $100,000, however it did rise rapidly and magnificently to peak at $69,000 in November before subsequently dipping.
The unstoppable rise of inflation rates and the US Federal Reserve’s shenanigans in their adoption of hawkish stance have combined to deploy the Bearish sentiments that hold the initiative across all financial markets globally.
Bears In Market Front Seat
Amidst the crypto market gloom, Schiff seemingly engorged in his habitat has been tweeting sporadically about the crash of the Bitcoin-led crypto market. He is not alone, as there are others in the community who are also gloating and grinning as the market continues to dump.
Famous author and crypto expert, Nassim Taleb also tweeted about the Bitcoin crash. He explained that the low price value that the number one coin features make it inversely cheap and less desirable. According to his tweet, the actual effect of Bitcoin’s low price value is paradoxical, as you’d expect a commodity that features low price to be ‘cheap’ and more desirable due to lower price value.
However, the reverse is the case for BTC as the paradox comes into play resulting in lower desirability and higher ‘cost of purchase’. He added that the reason for this featured paradox is because Bitcoin’s price has only informative, no more no less.
Regarding Bitcoin’s downfall, NYU economist Nouriel Roubini also shared her opinion in a tweet that said that Bitcoin city, El Salvador is now bankrupt as a result of its Bitcoin bet.