Bitcoin Can ‘Easily’ Pass Gold’s $7.5 Trillion Market Cap, Says Crypto Investment Titan Mike Novogratz

The CEO of Galaxy Digital, one of crypto’s biggest investment firms, says Bitcoin’s market cap can easily pass gold in the next 20 years.

In a new interview with Morgan Creek Digital founder Anthony Pompliano, Mike Novogratz says it’s a matter of time before institutional players like Goldman Sachs and Intercontinental Exchange enter the space.

“I know Goldman for instance is gearing up around securities tokens. They’re not doing anything yet, but they’re getting really ready and looking at all the questions on – where would you store them? Do you have to build your own custody, or can you use someone else’s custody? How to get them to work.

Listen, the regulatory framework isn’t there yet on security tokens. We’re working really hard on our security token business and we’ve got, I think, some cool things in the hopper.”

According to Novogratz, Bitcoin’s upside potential remains strong, and traders would be smart to allocate a small percentage of BTC in their portfolio.

“I think the macro case for [Bitcoin] is pretty strong. And so, if you can put a couple percent of your portfolio in, there’s a decent chance it catches wind. Fidelity is just getting set up. Bakkt continues to get delayed a little bit, but it’s not going to be delayed forever. They’re going to be in the game. And there’s lots of other players coming.

Gold’s got an $8 trillion market cap, or a $7.5 trillion market cap. And so, we’re 100x off on that. We’re not going to get there in Bitcoin in the next year or two. But over a 20-year period, could that happen? Easily. Easily. And that’s giving zero optionality to all the other stuff. And so I think it seems like a pretty smart portfolio bet.

Novogratz also touched on Cboe’s recent decision to pause its Bitcoin futures contracts next month.

“The reality is, the CME kicked their butts. And these guys have limited resources on what they’re going to spend their focus, and they decided to spend it elsewhere. Finding leverage in Bitcoin is going to get easier as the architecture in the space gets better. You’re already seeing the lending market around Bitcoin went from 10% to like 3%. So once you can borrow you can short. And so now it’s not so hard to short Bitcoin. It used to be almost impossible to short Bitcoin in 2016… It wasn’t great, but it’s not critical.”

The views and opinions expressed in this article Bitcoin Can ‘Easily’ Pass Gold’s $7.5 Trillion Market Cap, Says Crypto Investment Titan Mike Novogratz do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research. In rounding off this piece Bitcoin Can ‘Easily’ Pass Gold’s $7.5 Trillion Market Cap, Says Crypto Investment Titan Mike Novogratz, here’re the Top prominent words: $7.5 Trillion Market. $7.5 Trillion Market Cap. Crypto Investment Titan. Crypto Investment Titan Mike. Crypto Investment Titan Mike Novogratz. Easily Pass Gold’S $7.5. Easily Pass Gold’S $7.5 Trillion. Gold’S $7.5 Trillion. Gold’S $7.5 Trillion Market. Gold’S $7.5 Trillion Market Cap. Investment Titan Mike. Investment Titan Mike Novogratz. Pass Gold’S $7.5. Pass Gold’S $7.5 Trillion. Pass Gold’S $7.5 Trillion Market. Titan Mike Novogratz. Trillion Market. Trillion Market Cap.

Aren’t You Curious How’s Your Favorite Cryptocurrency Performing Today on October 23, 2020?

Check out 48coins price analysis category on 48coins. Explore price predictions from all industry experts. Select your favorite cryptocurrency for more data, such as crypto exchanges, historical data, charts, FIAT converter, social hype and much more!

Real Time Data at Your Fingertips
#CoinPricePrice Graph (7D)
1$ 12,943.78
2$ 414.33
3$ 1.00
4$ 0.258003
5$ 272.10
6$ 11.98
7$ 30.73
8$ 4.29
9$ 55.82
10$ 0.109842

Leave a Reply