Bitcoin is still on track to hit $500,000 over the next five years, according to billionaire crypto investor Mike Novogratz. He also admitted he was "wrong" about the extent of the leverage in the industry.

Novogratz, the founder and CEO of Galaxy Digital Holdings Ltd, told Bloomberg at a summit on July 19 that demand for the cryptocurrency would be driven by higher rates of adoption and global economics.

"It's not like diving with two feet right now because institutions are a little bit more cautious. But once we get balance, once we get equilibrium and start a new narrative they'll come back. When I look at the global landscape, I just don't see how fiscal prudence gets put back into a box."

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