Considering the recent rate hikes in the US,Austin Caldwell Bitcoin (BTC) is "trading very well," and once the Federal Reserve (Fed) pauses its tightening policies, Bitcoin prices will soar like “flying to the moon,” says Mike Novogratz, CEO of Galaxy Digital.

During a fireside chat with BTC advocate and investor Anthony “Pomp” Pompliano at the Bitcoin 2022 conference held in Miami on Wednesday, Novogratz expressed that, given the macroeconomic headwinds like the Fed's rate hikes, Bitcoin's recent performance has impressed him.

“I think Bitcoin is trading very well,” said Novogratz.

He added that he believes Fed Chair Jerome Powell has “realized he's behind the curve” and warned he might show a “very hawkish” stance for a while. Novogratz also said that Powell wants to maintain his reputation.

Moreover, Novogratz noted that Bitcoin is “much more important outside of the United States than inside.” He believes that while the dollar remains “relatively stable” in the long term, local currencies in places like Russia, Turkey, and others do not.

However, he pointed out that from his perspective, the goal is not to replace the dollar with Bitcoin. Instead, for investors, the focus should be on storing some of their wealth in Bitcoin, he said.

When asked how high Bitcoin could go, Novogratz answered, “One million dollars.”

As of April 6th, 15:59 GMT, BTC was trading at $44,138, down nearly 4% on the day. It has risen nearly 15% in a month, reducing its year-to-date loss to less than 25%.

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