Galaxy Digital founder and CEO Mike Novogratz is still optimistic that Bitcoin (BTC) will hit a price of half a million dollars.
When asked on Bloomberg if BTC can hit $500,000 over the next first years, Novogratz answered, “I do, I do.”
According to Novogratz, there are institutional investors who now view Bitcoin as an “opportunity” amid the downturn in the crypto market.
“While this is a bump in the road in adoption it’s certainly not a U-turn.
We continue to see institutions in Europe, the Middle East and the US who haven’t gotten involved yet looking at this as an opportunity.”
The Galaxy Digital CEO says that due to the risk of high inflation persisting, hard assets such as Bitcoin are set to “win” as stores of wealth.
“My point is you take a longer view, how do you get 140% debt-to-GDP [gross domestic product] and forget what it is in Japan and Europe back to sustainable levels without bankrupting your grandkids? The only way you do it. There’s only one way is inflating your way out. And so hard assets are going to win.
Now, Bitcoin is not the only hard asset. Gold, real estate, REITS [real estate investment trusts]. There are plenty of hard assets you should have in your portfolio. But Bitcoin is a unique one and it is gaining adoption…
There will be a generation of people that really believe in this that are convincing their friends and their communities and their institutions that this is a good way to store wealth.
It is very unique and are only 21 million Bitcoin that will ever be made. It is tailor-made to being an anti-inflationary store of value. It is easily transferable. And so it’s better than gold in so many ways…
Gold is only valuable because we say it’s valuable. It’s the same way Bitcoin is happening and it’s happening because of the network effect of the internet of community, of how fast information goes.”
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Have a prosperous day, Keep the Faith!