So far in 2022, the bitcoin price is trading in a narrow range around the $40,000 level, down more than 40% from its peak of close to $70,000 in November.
According to Mike Novogratz, founder and CEO of digital asset investment firm Galaxy Digital, it's going to be more of the same for the short-term. But by 2027, bitcoin could very well be trading in a class of its own.
Investors have been sorely disappointed as bitcoin has failed to act as the inflationary hedge it was designed to be amid soaring consumer prices and rising interest rates.