Michael Novogratz thinks "Bitcoin goes to the moon" once the Federal Reserve takes a pause.
The crypto billionaire believes that Bitcoin could start to take off again if the US economy starts to slow down and the Fed takes a step back.
Speaking at the Bitcoin 2022 conference in Miami, he said: "I go to bed and I pray that the stewards of the US economy don’t screw it up."
Michael subsequently explained how the wider economic situation will impact the crypto currency.
He said: "I really do pray that the dollar is going to be strong and it doesn’t go to infinity because Bitcoin going to infinity means the rest of the Western world has really fallen apart."
In May, meanwhile, Elon Musk sent the value of Bitcoin into a spiral with a one-word tweet.
The billionaire invested in the cryptocurrency through his Tesla firm, but he undermined the value of the stock at the time by appearing to suggest he could be about to sell his shareholding.
The fall in value occurred after Elon responded to a tweet that read: "Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their #Bitcoin holdings. With the amount of hate @elonmusk is getting, I wouldn’t blame him… (sic)"
In response, the tech entrepreneur simply said: "Indeed."
