Mike Novogratz, the founder of the Galaxy Digital crypto bank, offered gold proponent and bitcoin skeptic Peter Schiff a $1 million bet on the price of the first cryptocurrency.
According to the proposal, Novogratz will donate funds to charity or another purpose of the opponent's choice if digital gold trades below $35,000 in a year.
A day earlier, the founder of Galaxy Digital announced the beginning of a bear market and urged not to buy on drawdowns.
“It will be difficult for cryptocurrencies to start a rally until the stock market bottoms out. Nevertheless, digital assets have already experienced a significant sell-off and are beginning to receive support from buyers,” he explained.
Recall that in September 2021, Schiff once again criticized bitcoin and allowed the imminent end of the “cryptocurrency bubble”. He also reaffirmed his commitment to gold and pointed out that the value of the precious metal "is in its usefulness."
That same month, Novogratz called the first cryptocurrency “the next internet,” and $40,000 for Bitcoin and $2,800 for Ethereum were important price levels.
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