Bitcoin From 70 drop to 1,300 jump, Novogratz, Draper and more chime in on future

Bitcoin’s price is down over 60% year-to-date, and price predictions are all over the place. Mike Novogratz dropped his forecast that bitcoin will reach $500,000 in the next five years, while Tim Draper is confident it can reach $250,000 next year. Last week, Galaxy Digital’s Mike Novogratz dropped his very optimistic prediction that bitcoin will reach $500,000 in the next five years. Meanwhile, venture capitalist Tim Draper reaffirmed his call that it can hit $250,000 in the new year. And then you have Standard Chartered, which foresees gold reclaiming the haven title from bitcoin, which the bank predicts will collapse to $5,000.