Mike Novogratz predicts a rise in the price of Bitcoin in the long run to be at par with gold, pegging it at being worth up to one million dollars a piece.
Increased transfer of wealth by baby boomers to the younger generation is also likely to cause increased use of Bitcoin in the future years.
The prediction made by Novogratz is not the first one that Bitcoin would reach 150k; the previous forecasters predicted the same level.
The CEO of Galaxy Digital, Mike Novogratz, has predicted a dramatic increase in the value of Bitcoin and explained that the token has the potential to reach a million dollars in due time. In his latest interview on the Schwab Network, Novogratz cited a massive transfer of wealth between generations and increased attention to digital assets as two major factors that make him so bold in his forecast.
He pointed out the fact that there was a difference in market cap between Bitcoin and gold. Gold is a $20 trillion asset, whereas Bitcoin has accumulated up to around $2 trillion. In a way, Novogratz believes that this gap may close since more investors now perceive Bitcoin as a 21st-century store of value.
Novogratz feels that the young generation will take a significant part in the emergence of Bitcoin. He called the death of Charlie Munger and the retirement of Warren Buffett, who were both skeptics of cryptocurrencies, symbolic of a transfer of financial weight. At that, although such investors are not likely to support Bitcoin, their grandchildren would probably be more open to digital assets.
The Adoption to Speed Up
The CEO of the Galaxy emphasized that younger investors are becoming avid fans of Bitcoin because of its prospective long-term value. Since this wealth sharing is showing signs of shifting to millennials and Gen Z, it is only going to drive Bitcoin adoption to greater heights, which will have serious effects on its pricing.
It has been one month since Novogratz predicted that Bitcoin may hit $150,000. Earlier, he had already stated that the cryptocurrency would overcome gold in the next eight years. These statements coincide with his recent views on the future price development and popularization of Bitcoin.
The Road of Galaxy Digital and the Crypto Journey of Novogratz
After the blunder of the macro Hedge Fund of the Fortress Investment Group in the year 2015, which he was the head of, he completely changed gears and turned to cryptocurrency. In 2017, he opened Galaxy Digital. This relocation was a success, and the wealth of Novogratz is currently pegged at approximately 4.4 billion dollars.
Novogratz publicly entered the world of Bitcoin operations in 2013. This asset investment has helped him to cement his position as one of the most longstanding persons in the crypto industry. He is still outspoken about the sustainability of Bitcoin in the future, with the changing financial dynamics in the world.
The post Bitcoin Could Hit $1 Million, Says Galaxy Digital’s Mike Novogratz appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
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Bitcoin Could Hit $1 Million, Says Galaxy Digital’s Mike Novogratz
Mike Novogratz predicts a rise in the price of Bitcoin in the long run to be at par with gold, pegging it at being worth up to one million dollars a piece.
Increased transfer of wealth by baby boomers to the younger generation is also likely to cause increased use of Bitcoin in the future years.
The prediction made by Novogratz is not the first one that Bitcoin would reach 150k; the previous forecasters predicted the same level.
The CEO of Galaxy Digital, Mike Novogratz, has predicted a dramatic increase in the value of Bitcoin and explained that the token has the potential to reach a million dollars in due time. In his latest interview on the Schwab Network, Novogratz cited a massive transfer of wealth between generations and increased attention to digital assets as two major factors that make him so bold in his forecast.
He pointed out the fact that there was a difference in market cap between Bitcoin and gold. Gold is a $20 trillion asset, whereas Bitcoin has accumulated up to around $2 trillion. In a way, Novogratz believes that this gap may close since more investors now perceive Bitcoin as a 21st-century store of value.
Novogratz feels that the young generation will take a significant part in the emergence of Bitcoin. He called the death of Charlie Munger and the retirement of Warren Buffett, who were both skeptics of cryptocurrencies, symbolic of a transfer of financial weight. At that, although such investors are not likely to support Bitcoin, their grandchildren would probably be more open to digital assets.
The Adoption to Speed Up
The CEO of the Galaxy emphasized that younger investors are becoming avid fans of Bitcoin because of its prospective long-term value. Since this wealth sharing is showing signs of shifting to millennials and Gen Z, it is only going to drive Bitcoin adoption to greater heights, which will have serious effects on its pricing.
It has been one month since Novogratz predicted that Bitcoin may hit $150,000. Earlier, he had already stated that the cryptocurrency would overcome gold in the next eight years. These statements coincide with his recent views on the future price development and popularization of Bitcoin.
The Road of Galaxy Digital and the Crypto Journey of Novogratz
After the blunder of the macro Hedge Fund of the Fortress Investment Group in the year 2015, which he was the head of, he completely changed gears and turned to cryptocurrency. In 2017, he opened Galaxy Digital. This relocation was a success, and the wealth of Novogratz is currently pegged at approximately 4.4 billion dollars.
Novogratz publicly entered the world of Bitcoin operations in 2013. This asset investment has helped him to cement his position as one of the most longstanding persons in the crypto industry. He is still outspoken about the sustainability of Bitcoin in the future, with the changing financial dynamics in the world.
The post Bitcoin Could Hit $1 Million, Says Galaxy Digital’s Mike Novogratz appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.